Originally Posted by dgoldenz
What are the premiums for Genworth and what are the premiums for MetLife for a typical 60 year old couple in good health, same benefit structure? How long has MetLife been in the LTC
game? Do they plan on staying there or raising the rates 50%, pulling out of the LTC
market, raising the rates another 50%, and screwing over the clients? Genworth seems to be in the LTC
market for the long haul, MetLife does not. Just my opinion.
In my opinion, a person who only dabbles in LTC
should not be selling LTC
. They should be partnering with someone who focuses on LTC
, and split the commission if you have to....else you will not be doing your client the best service due to the complexity and variety of products available. UW guideline differences alone should cause you to have at least 3+ carriers to look at at all times.Reimbursement, cash, indemnity are all high level options....let alone all the bells and whistles that plans offer today.
You are likely referring to the fact that MetLife restructured their LTC
pricing to make them IMHO totally uncompetitive in the younger age market when inflation clauses are added, but at the same time made them extremely competitive in the older markets with none/GPO. It was actually closer to a max of 18% as I recall...as opposed to 50%. If your quote changed that much, I can only guess something else is wrong somewhere.
Since you did not list a specific benefit structure, I can not comment on what GWN or JH charges, but I can assure you that if you click on 5% compound that MetLife will not be competitive at all. Some would argue that MetLife is the only carrier smart enough to know that plans with big inflation clauses are going to hurt the insurance company down the line by forcing larger reserves, so they are charging a fair value today so as not to have a history of rate increases in the future . Maybe GNW and JH will be sorry one day they are not charging more? NWM and others seem to think LTC
should cost more.
Of course the majority of my business for people under 70 is placed with Hancock, Genworth, Prudential, and Mutual of Omaha. Many of my 70+ people seem to really like a MetLife Value plan with an indemnity option set to "yes". Else, every case is different.
Hope this helps.