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Can any of you pros out there tell me the differences in a New York Life LTC policy and a Genworth Classic Select. I am in a competeitive situation and need help.
Thanks,Bill
Thanks,Bill
New York Life Vs Genworth Classic Select
- Thread starter billberry12
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Yes. The Genworth is about 12% more expensive, but my research shows that NYL's weakness is in their home care benefit. They will only pay 50% for 365 day max for uncertified homecare providers. For homemaker services, they only pay one day per week. Genworth pays up to the home care benefit maximum for both these services. When that is taken into consideration, the extra cost for Genworth seems a value. I hope my applicant feels that way. I have pointed that out to him, and is is gong to get back with me.
Thanks,
Bill
Thanks,
Bill
Genworth increased its rates by double digits. New York Life hasn't had a rate increase. NYL's LTC pays 50% for home care to a unlicensed individual or family member not living at home on an indemnity basis. The caregiver has to be there for a minimum of 4hrs a day max 365 days of service, but NYL has a built in alternative plan of care where it is extended if the family is having success with the caregiver. Homemaker services are already included as long as the person is receiving home care services twice a week.
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NYL has never increased rates on their policyholders, thats a biggie IMO... you can do 100% home care coverage, but not for an uncertified caregiver (I'm pretty sure on that).
The only downside to NYL imo, is the lack of a limited pay policy. I really like the CPI-options inflation rider too...
The only downside to NYL imo, is the lack of a limited pay policy. I really like the CPI-options inflation rider too...
Which of their CPI options do you like?
The ones where the premium goes up each year or the ones where the premium does not go up each year.
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The auto CPI option for NYL is very expensive when compared to others.... at least it used to be when I was there.
The "CPI option" gives you the option of taking the increase in benefit/premium each year.
If the client needs the increases its better to make it automatic imo... no matter what option is chosen
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