Hancock UL W/ LTCi Rider- Good/Bad?

Medigap Bill

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FL & TX
I was reading on this thread that Hancock pulled out of LTCi but ran into a client that was offered a UL with LTCi rider.

Anyone have experience with this product and what are the pros/cons?

Clients are in mid 40's. A $1m UL with a LTCi rider that looks like it will pay up to $20k/month for 50 months for LTC benefits. Sounds almost to good to be true.

Thoughts?

Female, 42, Premium is $4,600/ annual, Florida, got the policy last year. Husband didn't get a policy yet.

Goal= Find a better alternative to win the business for husband and maybe the wife.
 
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I was reading on this thread that Hancock pulled out of LTCi but ran into a client that was offered a UL with LTCi rider.

Anyone have experience with this product and what are the pros/cons?

Clients are in mid 40's. A $1m UL with a LTCi rider that looks like it will pay up to $20k/month for 50 months for LTC benefits. Sounds almost to good to be true.

Thoughts?

they'd be better off with oneamerica's assetcare4
 
they'd be better off with oneamerica's assetcare4

I bet he would like your opinion on why........

My guess would be more leverage and the guarantees of whole life(Asset Care 4) vs UL, but I could be wrong.

What's the kill shot Mr. Ed?
 
I was reading on this thread that Hancock pulled out of LTCi but ran into a client that was offered a UL with LTCi rider.

Anyone have experience with this product and what are the pros/cons?

Clients are in mid 40's. A $1m UL with a LTCi rider that looks like it will pay up to $20k/month for 50 months for LTC benefits. Sounds almost to good to be true.

Thoughts?
The $20K/month seems too high...as most as I have seen will pay a cap based on govt limits. Never looked at JH plans...else most accelerated riders will pay a % or specified amount if diagnosed with chronic illness. Protective has a nice one with their Extendcare rider
 
I'm a big fan of their UL policy. You can still get preferred rate classes and choose 1, 2, or 4% for the Ltc rider. I like the One America product for clients that aren't as healthy and you need sub standard u/w.

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The $20K/month seems too high...as most as I have seen will pay a cap based on govt limits. Never looked at JH plans...else most accelerated riders will pay a % or specified amount if diagnosed with chronic illness. Protective has a nice one with their Extendcare rider

JH is by far the best LTC rider approved in CA. The 20k is just 2% on the 1M db. It's legit.
 
I bet he would like your opinion on why........

My guess would be more leverage and the guarantees of whole life(Asset Care 4) vs UL, but I could be wrong.

What's the kill shot Mr. Ed?

many reasons:
1) it's a second to die policy, which reduces the mortality expenses
2) a very affordable 20 year pay is available
3) lifetime/unlimited benefit period
4) tax deduction for the LTCi rider premium
5) every value in the policy is 100% guaranteed. Most UL/LTC policies do not have those same guarantees. What's going to happen to all those people who buy UL/LTC policies and their policy lapses at age 85 and they need LTC a year later.



Just curious, do you guys understand how the chronic illness riders first decrease the death benefit before calculating how much the policy will pay for "long term care"?
 
I was reading on this thread that Hancock pulled out of LTCi but ran into a client that was offered a UL with LTCi rider.

Anyone have experience with this product and what are the pros/cons?

Clients are in mid 40's. A $1m UL with a LTCi rider that looks like it will pay up to $20k/month for 50 months for LTC benefits. Sounds almost to good to be true.

Thoughts?

What is the premium ?
 
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