GenWorth VS John Hancock

[Sales71]

I have a quote from both companies for LTC. Young couples mid 40's. Any thoughts on which coverage you like the most benefits or feature you pick over the other company policy?

GenWorth Privileged Choice Flex3
VS
John Hancock Custom Care III

 

[Jeffreydhowerton]

Itcadvisor,
Who do you use if you have clients in MO?

 

[Sales71]

Can we see the quote ?

If they are in good health, Mass is a good choice.

GEN 5K monthly benefit
5 year plan
30 days elimination
5% inflation compound
Premium for both $13,602

John Hancock 5K monthly benefit
6 year plan
30 day elimination
5% inflation compound
premium for both $9987.00

 

[CALTCAgent]

GEN 5K monthly benefit
5 year plan
30 days elimination
5% inflation compound
Premium for both $13,602

John Hancock 5K monthly benefit
6 year plan
30 day elimination
5% inflation compound
premium for both $9987.00

That is quite a premium disparity, plus more benefits on Hancock. I haven't looked at Hancock in a while.

 

[TriciaS]

GEN 5K monthly benefit
5 year plan
30 days elimination
5% inflation compound
Premium for both $13,602

John Hancock 5K monthly benefit
6 year plan
30 day elimination
5% inflation compound
premium for both $9987.00

What underwriting classes are you using? I haven't seen Hancock look good in a year or so. Can I make a benefit suggestion? Change the EP to 90/0,take the monthly benefit to about $5400 reduce inflation to 3% compound. You might get a much more competitive quote.

 

[ltcadviser]

I haven't seen Hancock look good in a year or so.

Lol. Just one year? Not since 2002!

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Itcadvisor,
Who do you use if you have clients in MO?

Flip a coin. No right or wrong answers. Choose a company in the middle ground such as Omaha, Transamerica, Genworth, John Hancock, et al just depending upon health underwriting considerations and the benefits your clients want.

If 3% compound, rates are about the same with Omaha, Transamerica, Genworth, Hancock, MedAmerica, Life Secure.

If 5% compound, MedAmerica, Life Secure, Omaha or Transamerica will work OK. Genworth, JH, Northwestern, NYL and State Farm are all much higher.



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Can I make a benefit suggestion? Change the EP to 90/0,take the monthly benefit to about $5400 reduce inflation to 3% compound. You might get a much more competitive quote.

What? Huh? Just not a bright comment.

 

[ltcadviser]

If this is a CA case you can definitely see Hancock look competitive vs. GW like this....then again, NY Life will likely look better than either of them.

Can't be California case. Genworth is still old policy in California. Genworth is only $6000/year combined in California for a couple in their 40"s buying $5000 month, 5% compound, 6 year benefit periods, 30 day wait. Stratecision shows Hancock as unavailable in California. NY Life does not underwrite under age 50 in California.

Case is either in a state where John Hancock has not introduced new 2014 pricing; or if in a State where John Hancock 2014 pricing is filed, the couple happens to be two men.

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GEN 5K monthly benefit
5 year plan
30 days elimination
5% inflation compound
Premium for both $13,602

John Hancock 5K monthly benefit
6 year plan
30 day elimination
5% inflation compound
premium for both $9987.00

Mass Mutual will be about $9000-$9500 for the same benefits, if healthy, depending upon specific age in their 40's. I am viewing rates at age 45.

Banker's Life is only $6900. Wowza! LOL

 

[Sales71]

Can't be California case. Genworth is still old policy in California. Genworth is only $6000/year combined in California for a couple in their 40"s buying $5000 month, 5% compound, 6 year benefit periods, 30 day wait. Stratecision shows Hancock as unavailable in California. NY Life does not underwrite under age 50 in California.

Case is either in a state where John Hancock has not introduced new 2014 pricing; or if in a State where John Hancock 2014 pricing is filed, the couple happens to be two men.

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Mass Mutual will be about $9000-$9500 for the same benefits, if healthy, depending upon specific age in their 40's. I am viewing rates at age 45.

Banker's Life is only $6900. Wowza! LOL

The Rates I got was for Select Class so its not the top rate just in case it only can go lower.. I have not called the client yet to talk about it will do in the next few days.

 

[Tahoe Ray]

Can't be California case. Genworth is still old policy in California. Genworth is only $6000/year combined in California for a couple in their 40"s buying $5000 month, 5% compound, 6 year benefit periods, 30 day wait. Stratecision shows Hancock as unavailable in California. NY Life does not underwrite under age 50 in California.

My fault for not looking at the case specs...I'll just see myself out.

 

[Sales71]

What do you guys think about the option of Partnership VS non Partnership policy..which one you would pick.