Had a quote request today from 50 year old female in SD for $200/day or $6k/month benefit with 5% compound inflation, 90-day EP, and unlimited benefit. Preferred health, not married (lives with fiancee). Lowest rate I could find was about $4200 with Genworth, but she says she has a quote from NYL for $2800 for the same thing, which seems way too low...has anyone come across the NYL product before that can offer some comments? Trying to get a copy of the illustration, but would also like to know what I'm dealing with. Any help is appreciated, thanks.
NYL LTC Select Premier Rates Seem Low?
- Thread starter dgoldenz
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This is the LTC section, not disability.
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The inflation benefit that is probably included in the NYL illustration is an inflation benefit that causes the premium to go up 5% each year as the daily benefit grows by 5% each year.
Have her give you the quote or the outline of coverage. When you read the quote and the outline of coverage, it will sound a lot like a traditional 5% compound inflation benefit, but, when you dig a little deeper, you'll see that the premium will increase along with the Daily Benefit each year.
It's possible the NYL quote is 5% simple or 3% compound... those IB's come the closest to a $2,800 annual premium.
There's no way she was quoted a normal 5% compound for a 2,800 premium.
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Some NYL LTC policies have an inflation offer instead of an automatic increase. The premium would increase with each offer the insured elected to take. Basically a purchase option.
They also offer a couple different CPI options..
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Some NYL LTC policies have an inflation offer rider.. is more of a purchase option.
But, in general, their policies are priced really well. They have a couple different CPI options too
They also offer a couple different CPI options..
- - - - - - - - - - - - - - - - - -
Some NYL LTC policies have an inflation offer rider.. is more of a purchase option.
But, in general, their policies are priced really well. They have a couple different CPI options too
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