Originally Posted by Mr_Ed
And in defense of the size of premium increases Hancock says: “Our belief is that offering a substantial rate increase, rather than spreading out smaller increases, is better for consumers because it enables the company to offer alternatives to mitigate or eliminate the increase.”
Those alternatives are GREAT.....
1. Such as reducing compound inflation rider from 5% to 2.7%...even if John Hancock's own information website shows costs increasing 3.5% per year? jhinfocenter.com
2. How about canceling the ltc
policy and receiving a Nonforfeiture Benefit equal to your premiums paid? That will get you a couple of months tops of benefits.....
3. Or the catchall.....
Reduce your daily benefit..
Reduce your benefit period..
Increase your elimination period..
The answer to your question mr ed....is that your question is irrelevant...In the real world, consumers bought ltc
policies in good faith and they have been rewarded with policies that are sh**...
The concept of LTC
is great....the reality is much different.
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Originally Posted by bluemarlin08
Maybe it will work for them, maybe it won't, I don't believe anything that comes out the mouth of a home office spokesman. You will never see the real picture, IMO
Ain't that the truth!!