Genworth and other Companies Actuaries Change Long-term Interest rate assumption
We sat in on a meeting with the Genworth Financial’s Long Term Care Insurance President Buck Stinson yesterday. The meeting gave us confidence in the insurance industry as a whole when he said that Genworth, along with the other major carriers, have re-configured their actuarial assumptions and pricing to accommodate for a low interest rate environment for the next 50 years.
The Federal Reserve’s currently has in place Quantitative Easing or QE to infinity which is the method of artificially keeping interest rates low to try and stimulate the economy for an indefinite future. The insurance companies have responded by assuming[…]
Which to choose? The Federal Long Term Care Insurance or an Individual Plan?
Many of our clients are comparing individual rates with the Federal Long Term Care Insurance (LTC) program, so it’s understandable why they’d be curious as to which is the better plan. There are a few points to consider when making the comparison of Federal LTC Plan versus an Individual LTC Plan.
- The Federal Long Term Care Insurance plan may have an Open Enrollment
- Good if you are unhealthy and can’t get covered on the private market.
- Bad / Expensive if you are healthy – see below.
- Individual plans are less expensive, on average
- Because they require you to submit medical records, there’s[…]
Is the AARP Long Term Care Insurance Plan Good?
AARP “endorses” Long-Term Care Insurance in 2010 through Genworth Life Insurance. The AARP Genworth Long Term Care Insurance My Future My Plan coverage was once provided by MetLife but Genworth was selected in the last several years. One thing to keep in mind before looking at AARP as a benevolent organization is to remember that AARP has financial incentives to sell insurance. Like any product you buy the goal is to save money and still get the problem solved.
There’s more going on than many people realize, and we simply like to educate the public. In the[…]
Long Term Care Insurance Partnership Plans
How State Long Term Care Insurance Partnership Plans Can Save You Money
How much does it cost?
There is no additional cost for Long Term Care Partnership Benefits. The states require you purchase inflation protection, but that is already part of any good Long Term Care plan already. In California, you are required to purchase $180/day benefit minimum – virtually all other states (except NY/CT/IN/Mass) have no such requirement.
How do I qualify?
Your policy must be a state approved Partnership plan (ask your LTC Tree agent for details) and depending on your age must have either compound or simple inflation protection. This is[…]
Is Long Term Care Insurance Dead?
Insurance giants like Prudential, MetLife, and Allianz have exited the individual Long Term Care Insurance market, and many in the media have begun speculate that the industry is on life support. As Twain once mused after his obituary was prematurely published in a New York newspaper, “The reports of my death are greatly exaggerated.”
Death of Long Term Care Insurance: The Reports are Greatly Exaggerated
Countless articles that have been written in 2012, saying that Long Term Care Insurance is an impossible market to sell and service policies in. Most major news outlets have instinctually hit the panic button because, “if it[…]
LTC Tree Study Finds Mac Users Buy More Long Term Care Insurance, Too.
An article this week in the Wall Street Journal reveals that users of Apple’s Macintosh computers who visit travel site Orbitz spend an average of $30 more per night on hotels than their Microsoft Windows PC counterparts. With higher per-capita income and different buying patterns, a new study indicates that Macintosh computer users also purchase bigger Long-Term Care Insurance policies, and more often.
A study of 184,000 visits to Long-Term Care Insurance shopping site LTC Tree found that one’s choice of computing platform may reveal more than just hotel buying habits.
Macintosh users are 14.1% more likely to buy Long-Term Care coverage[…]
Reviews of each company’s financial stability ratings, claims experience, and size.
A side-by-side comparison of each company’s policy features. We cover the similarities and the differences.
Price comparisons customized to suit your specific needs from top carriers such as Nationwide, Thrivent, New York Life, National Guardian Life, Mutual of Omaha, and more.