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Reply to Hancock UL W/ LTCi Rider-  Good/Bad?     
Old 06-01-2017, 08:21 AM   #1
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Hancock UL W/ LTCi Rider-  Good/Bad? Hancock UL W/ LTCi Rider- Good/Bad?
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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Last edited by Medigap Bill; 06-02-2017 at 05:03 AM. Reason: more info
  Reply With Quote to Hancock UL W/ LTCi Rider-  Good/Bad?

Old 06-01-2017, 08:29 AM   #2
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Hancock UL W/ LTCi Rider-  Good/Bad? Re: Hancock UL W/ LTCi Rider- Good/Bad?
Originally Posted by Medigap Bill View Post
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
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  Reply With Quote to Hancock UL W/ LTCi Rider-  Good/Bad?
Old 06-01-2017, 12:07 PM   #3
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Hancock UL W/ LTCi Rider-  Good/Bad? Re: Hancock UL W/ LTCi Rider- Good/Bad?
Originally Posted by Mr_Ed View Post
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?
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  Reply With Quote to Hancock UL W/ LTCi Rider-  Good/Bad?
Old 06-01-2017, 12:33 PM   #4
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Hancock UL W/ LTCi Rider-  Good/Bad? Re: Hancock UL W/ LTCi Rider- Good/Bad?
Originally Posted by Medigap Bill View Post
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

  Reply With Quote to Hancock UL W/ LTCi Rider-  Good/Bad?
Old 06-01-2017, 12:38 PM   #5
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Hancock UL W/ LTCi Rider-  Good/Bad? Re: Hancock UL W/ LTCi Rider- Good/Bad?
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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Originally Posted by yankee466 View Post
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.
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  Reply With Quote to Hancock UL W/ LTCi Rider-  Good/Bad?
Old 06-01-2017, 12:56 PM   #6
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Hancock UL W/ LTCi Rider-  Good/Bad? Re: Hancock UL W/ LTCi Rider- Good/Bad?
Originally Posted by AOKING View Post
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"?
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  Reply With Quote to Hancock UL W/ LTCi Rider-  Good/Bad?
Old 06-01-2017, 01:46 PM   #7
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CALTCAgent on Hancock UL W/ LTCi Rider-  Good/Bad?
 
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Hancock UL W/ LTCi Rider-  Good/Bad? Re: Hancock UL W/ LTCi Rider- Good/Bad?
Originally Posted by Medigap Bill View Post
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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  Reply With Quote to Hancock UL W/ LTCi Rider-  Good/Bad?
Old 06-01-2017, 02:51 PM   #8
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Hancock UL W/ LTCi Rider-  Good/Bad? Re: Hancock UL W/ LTCi Rider- Good/Bad?
Originally Posted by CALTCAgent View Post
What is the premium ?
I predict the premium is at least twice as high as the OneAmerica policy.
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  Reply With Quote to Hancock UL W/ LTCi Rider-  Good/Bad?
Old 06-02-2017, 05:05 AM   #9
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Hancock UL W/ LTCi Rider-  Good/Bad? Re: Hancock UL W/ LTCi Rider- Good/Bad? Medigap Bill is the thread starter for: Hancock UL W/ LTCi Rider-  Good/Bad?

Originally Posted by CALTCAgent View Post
What is the premium ?

$4,600 /year. Also see my original post...added info.
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  Reply With Quote to Hancock UL W/ LTCi Rider-  Good/Bad?
Old 06-02-2017, 12:14 PM   #10
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Hancock UL W/ LTCi Rider-  Good/Bad? Re: Hancock UL W/ LTCi Rider- Good/Bad?
Originally Posted by Medigap Bill View Post
$4,600 /year. Also see my original post...added info.
Through what age is the death benefit guaranteed?
Is it an LTC rider or is it a chronic illness rider?
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  Reply With Quote to Hancock UL W/ LTCi Rider-  Good/Bad?
Reply to Hancock UL W/ LTCi Rider-  Good/Bad? 

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