- Thread starter
- #31
- 14,809
Right, I'll call John Hancock and tell them to disregard their 40% proposed increase because an agent on the forum says everything is great:-)
Maryland Law May Prohibit John Hancock Increase
- Thread starter Crabcake Johnny
- Start date
Let me see if I understand the argument.
Since one LTC insurer is increasing premiums on policies that are, about 8 to 10 years old, by an average increase of 40%, the conclusion is that the LTCi industry is about to implode and won't be around 5 years from now.
But, medical insurance policies can have increases every year, sometimes as high as 40% per year, but that's OK???
If a once-per-decade rate increase on LTCi policies means the policies suck, then what does that mean for a medical insurance policy that has annual rate increases? Does medical insurance suck too?
Obviously, medical insurance does not suck. LTC insurance doesn't suck, either. Some people's arguments are pretty sucky, though.
- Thread starter
- #33
- 14,809
You're right. All is well - have a great weekend.
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Fortis sold their LTCi distribution to Hancock in 1999. That's a little more 10 years ago, but that's close enough.
Genworth is the single largest long-term care insurer. Genworth has more individual long-term care policies in-force than any other company. And Genworth sells more individual long-term care policies than any other insurer. In fact, their sales were up 36% last quarter compared to last year.
Since they are #1 in LTCi sales, I don't think we should include them in the list of companies that has "left the market."
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Thank you again for your participation in a reasonable discussion between insurance professionals. Your "arguments" are sound, logical, well-thought out, irrefutable, and "simply irresistible".
Fortis sold their LTCi distribution to Hancock in 1999. That's a little more 10 years ago, but that's close enough.
Genworth is the single largest long-term care insurer. Genworth has more individual long-term care policies in-force than any other company. And Genworth sells more individual long-term care policies than any other insurer. In fact, their sales were up 36% last quarter compared to last year.
Since they are #1 in LTCi sales, I don't think we should include them in the list of companies that has "left the market."
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Thank you again for your participation in a reasonable discussion between insurance professionals. Your "arguments" are sound, logical, well-thought out, irrefutable, and "simply irresistible".
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Go back some years and the DI market had tons of carriers....Now we have about 6 to 1 dozen strong carriers...I don't think anyone would say the DI market is dead....The one constant in this business is change...Go back 20 years and Metlife, Prudential and others were mutual insurance companies now.
What we will see 5 to 10 years from now is that LTCi is still around, the players may have changed, the policy forms may be different but this is a line that won't disappear.
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John change in this business is a constant...Look at DI, 10-15 years ago almost every carrier offered DI policies now we have 6-12 strong DI carriers....20 Years ago Metlife, Prudential, Assurity etc where mutuals now they are Stock companies or that new bast*rd of Mutual Holding companies....5 to 10 years from now we will probably see the market for LTCi might have fewer carriers but the need for this product will remain if anything I think the government will wake up even more to the fact that LTCi helps them decrease medicaid costs.
*** Second thought on the Government and decreasing Medicaid costs....The idiots in washington right now seem to want to increase medicaid roles.
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Thank you.
Can you please send me a link to all the medical insurance policies that have had rate increases. While you're at it, please send me a link to the blogs of trial lawyers who want to sue medical insurers. Lastly, send me links to articles about B-rated medical insurance companies that have gone bankrupt.
Anything that you think is "bad" about LTCi is 10x worse with medical insurance.
Are you going to stop selling medical insurance because of the rate increases and lawsuits?
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You guys take it easy on NDM, being the only person in the world who would stop selling a product because his company was making too much money on it he obviously knows something we dont.
I guess having had multiple LTC based web sites he somehow knows more than everyone else.... even the carriers since the carriers themselves have claimed that they are loosing money on business!!!
I guess having had multiple LTC based web sites he somehow knows more than everyone else.... even the carriers since the carriers themselves have claimed that they are loosing money on business!!!
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When you get a chance, please share with the forum members which carriers have stated that they are losing money on LTCi.
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