GUL with LTC Rider

[bardram]

Hey guys. I have a client in Connecticut looking for a GUL with a LTC rider. I had quoted John Hancock and Nationwide. Just looking to see if you guys know any other carriers that offer this.

Basically a GUL that gives access to the full face amount for LTC needs. Thanks in advance for any help.

 

[Indy007]

I like TransAce from TransAmerica. Has a LTC rider, though not sure if available in Connecticut. It also has a ROP called the multiflex surrender endorsement that offers the client either 100% return of premium or 33% of face at the 15th 20th or anytime after the 25th anniversary.

 

[NIBAdmin]

bardram-

I think you are on the right track with Hancock. We like that one. Also, with all the companies coming out with Chronic riders on their products its important to know exactly how the true LTC riders and Chronic riders are treated differently. Genworth has a good piece on this and we have it up on our site let me know if i can send it to you.

Best of luck!

 

[pcbinsurance]

What's your site? You can send that to my email: pcbinsurance@gmail

 

[NIBAdmin]

What's your site? You can send that to my email: pcbinsurance@gmail

Yeah i can actually just e-mail you a few i have. Prudential has one that i have not put up on the site yet.

 

[Dscaggs]

I like TransAce from TransAmerica. Has a LTC rider, though not sure if available in Connecticut. It also has a ROP called the multiflex surrender endorsement that offers the client either 100% return of premium or 33% of face at the 15th 20th or anytime after the 25th anniversary.

Love the multiflex. It's a great extra feature the tranceAce has.

Plus I believe the cost will be competitive with most other GUL's with a LTC rider.

 

[bardram]

Thanks for the advice.

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Transace sounds nice, wish it was available in NY (my home state)

 

[Tahoe Ray]

Thanks for the advice.

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Transace sounds nice, wish it was available in NY (my home state)

We're mainly in NY and tend to use John Hancock for these cases. You can also look at AXA. Neither are true GUL to 121 though...

TransAce can be a great option outside NY as others have mentioned.

 

[WinoBlues]

We're mainly in NY and tend to use John Hancock for these cases. You can also look at AXA. Neither are true GUL to 121 though...

TransAce can be a great option outside NY as others have mentioned.

Ray can you run down the differences you see between the John Hancock Protection UL and the TA product please. I have a 49 year old female looking also.

Thanks,

Lee

 

[Tahoe Ray]

Ray can you run down the differences you see between the John Hancock Protection UL and the TA product please. I have a 49 year old female looking also.

Thanks,

Lee

Lee,

It really comes down to three components (speaking mainly about the riders). Cost, access and guarantees.

Cost: The JH rider is significantly less expensive if comparing apples to apples.

Access: Both are qualified for LTC (hence they can use that language in their marketing) but Trans is considered an indemnity rider so it is still subject to the HIPAA per diem max or 2% of face (monthly), whichever is less. With JH, you can access up to 4% of the face/month.

Guarantees: JH Protection is not a fully guaranteed policy (it is normally guaranteed to somewhere around life expectancy)...it looks great under current assumptions but we all know how those sometimes play out (at least the rate environment today keeps the illustrations somewhat reasonable).

Trans, on the other hand, is a true GUL to 121 and offers that ROP feature that another poster highlighted. So although it costs more and has less access for the purposes of LTC, it does offer more guarantees.

I like and write both but since most of my business is still in NY, we quote more Hancock (since that Trans product/rider are not in NY). In CA, it's all up to you and your client since you can write either.

I hope that this helps.