- 2,584
Why not discuss these "amazing" opportunities right here?
Of course "amazing" won't be specific enough right here and telling us how some agents are doing won't cut it.
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Has Anybody Worked for LTC Financial Partners?
- Thread starter 42nampmuj
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Why not discuss these "amazing" opportunities right here?
Of course "amazing" won't be specific enough right here and telling us how some agents are doing won't cut it.
Genworth cut first-year gross commissions on new LTCI policy sales by 15% in most states... Genworth also is tightening underwriting requirements...
Genworth Cutting LTCI Commissions, Hopes Move Is Temporary | LifeHealthPro
I know, I'm bias, yada yada...
Yes, but on April first they are back to full commission and with all new products in most states, and if peeing in the cup means you can't get insurance, I am ok with that.
I imagine the decent commisions will return on the others now that GNW has announced it.
Genworth cut first-year gross commissions on new LTCI policy sales by 15% in most states... Genworth also is tightening underwriting requirements...
Genworth Cutting LTCI Commissions, Hopes Move Is Temporary | LifeHealthPro
I know, I'm bias, yada yada...
it was a temporary redxn in commish.
gnw is removing the temporary redxn with the roll out of the new product in april.
last time i checked, gnw's reduced commissions were higher than ltcfp's normal commissions anyway. and at least there's immediate vesting as a broker with gnw, trans, moo, mass, jh, etc... why work for an agency if you don't haev immediate vesting.
Arthur Rudnick
Guru
- 1,652
Anyone have any insight on Genworth's new product features and/or price?
announcement says on April 1st, Privileged Choice Flex 2 will be available.
Key changes include: (I am paraphrasing here)
- Add 4% compound inflation option
- Eliminate 7 years survivorship option
- Reduce maximum issue age to 75 from 79
- Lifetime multiplier not available
- Apply claims offset on all Compounding Increase options
- Require paramed exam for Underwriting
- Require family history for Underwriting
- Apply gender based rates
- Informal care available for homemaker and chore services only (paperboy can no longer bathe you)
So, we wait and see.
Arthur Rudnick
Guru
- 1,652
Isn't that special?
IMO...........
No big deal on the addition of 4% cmp.
No big deal on dropping the max age to 75 (It's unaffordable past 75 anyway)
No big deal on doing away with Survivorship
No big deal on no lifetime benefits (They stopped that 6 months ago)
Claims offset IS a big deal
Not sure if requiring a paramed for underwriting is a big deal or not.
I'm curious as to how they will address family history. Am I uninsurable because both of my parents had Alzheimer's?
No big deal on gender based rates. Every carrier will eventually include that.
VERY BIG DEAL disallowing total informal caregivers.
So, how will it be priced? IF, they are going back to their previous commission structure, I'd expect premiums to be higher than they are now.
But, here's the good news.............
It's said that every 1% drop in interest rates equate to a 15% increase in LTC premiums. I predict that in 2016, when interest rates have risen by 3%, LTC premiums will drop by 45%!
Isn't that special?
IMO...........
No big deal on the addition of 4% cmp.
No big deal on dropping the max age to 75 (It's unaffordable past 75 anyway)
No big deal on doing away with Survivorship
No big deal on no lifetime benefits (They stopped that 6 months ago)
Claims offset IS a big deal
Not sure if requiring a paramed for underwriting is a big deal or not.
I'm curious as to how they will address family history. Am I uninsurable because both of my parents had Alzheimer's?
No big deal on gender based rates. Every carrier will eventually include that.
VERY BIG DEAL disallowing total informal caregivers.
So, how will it be priced? IF, they are going back to their previous commission structure, I'd expect premiums to be higher than they are now.
But, here's the good news.............
It's said that every 1% drop in interest rates equate to a 15% increase in LTC premiums. I predict that in 2016, when interest rates have risen by 3%, LTC premiums will drop by 45%!
They already do this for their TLC (single pay UL w/ LTC) product and it does make it very competitively priced for both those that are very healthy and those that may be declined by similar products.
Hopefully by fully underwriting their LTC, premium increases (and comp cuts) will not be as aggressive going forward...
Arthur Rudnick
Guru
- 1,652
Typical scenario.........
Reduce benefits & raise premium.
Seems to be the norm. After 30 years one would think they have a clue on underwriting.
Guess not.
Reduce benefits & raise premium.
Seems to be the norm. After 30 years one would think they have a clue on underwriting.
Guess not.
- 657
That's an easy one. High priced...and tricky feature language to sound better, but actually will not be.
Kind of like the JH new inflation feature.
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Correction to my last post. They didn't even TRY to make it sound better.
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Genworth cut first-year gross commissions on new LTCI policy sales by 15% in most states... Genworth also is tightening underwriting requirements...
Genworth Cutting LTCI Commissions, Hopes Move Is Temporary | LifeHealthPro
I know, I'm bias, yada yada...
Not biased. You are just illogical. What is your point?
Why would anyone want to join an outfit with no immediate vesting?
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