LTC with Mass Mutual

[shooter]

It seems a lot of carriers are making an exit in this market.
Does anyone on this board use Mass for your LTC company?
I have read their product is very strong in language.
I don't know about their pricing.
Looking for input from someone with experience.

Shooter

 

[russelltw]

Just got word from another agent who works for State Farm regarding John Hancock LTC. He said they were sent a letter that JH would drop 50% of their distribution network by December and would stop accepting new apps by April of 2012. I have known this agent for some time, so I don't have a reason to doubt him. I know companies are trying to hold off on LTC policies because people keep them and use them.

Has anyone else heard this?? I don't write much LTC, but I do have some thru JH. Obviously others are leaving this market. I thought JH was one of the big writers.

 

[yankee466]

It seems a lot of carriers are making an exit in this market.
Does anyone on this board use Mass for your LTC company?
I have read their product is very strong in language.
I don't know about their pricing.
Looking for input from someone with experience.

Shooter

I will write them at times. MM is a A++ rated carrier....decent plan at a decent rate. Promise of dividends one day......and never raised their rates (yet) 3rd pool shared concept.........but in some situations they will compete with Genworth/MoO in terms of rates. One of the few big names with a facilities ONLY plan.....if that floats your boat.

Hope that helps.......

Yankee

 

[CALTCAgent]

I will write them at times. MM is a A++ rated carrier....decent plan at a decent rate. Promise of dividends one day......and never raised their rates (yet) 3rd pool shared concept.........but in some situations they will compete with Genworth/MoO in terms of rates. One of the few big names with a facilities ONLY plan.....if that floats your boat.

Hope that helps.......

Yankee

What is the "3rd pool, shared concept" with MM? (the typical pool of money I assume)

What ages are they competitive at?

 

[BNTRS]

It seems a lot of carriers are making an exit in this market.
Does anyone on this board use Mass for your LTC company?
I have read their product is very strong in language.
I don't know about their pricing.
Looking for input from someone with experience.

Shooter

Find CFP83 he's should be able to give you a lot of insight on this.

 

[VolAgent]

What is the "3rd pool, shared concept" with MM? (the typical pool of money I assume)

What ages are they competitive at?

It is a third pool of money. You exhaust your benefit then you can tap into that. It leaves the spouse's benefit pool alone.

 

[yankee466]

What is the "3rd pool, shared concept" with MM? (the typical pool of money I assume)

What ages are they competitive at?

Third pool was correctly answered......else I thought every independent LTC agent worth their salt used Straticision.......can you not quote it (and everyone else for that matter)? I can hardly remember when I last used a carrier's software to quote stuff....although UoU sure has pretty software.

 

[shooter]

I will write them at times. MM is a A++ rated carrier....decent plan at a decent rate. Promise of dividends one day......and never raised their rates (yet) 3rd pool shared concept.........but in some situations they will compete with Genworth/MoO in terms of rates. One of the few big names with a facilities ONLY plan.....if that floats your boat.

Hope that helps.......

Yankee

Thanks for the info.
Are there any other carriers you would use that have an A plus rating?

Thanks again,
Shooter

 

[yankee466]

Thanks for the info.
Are there any other carriers you would use that have an A plus rating?

Thanks again,
Shooter

Lots have A+, few worth dealing with are A++.

MoO, UoO, JH, Pru...to name a few, are A+, but there are others. I think TransAmerica made it back to A+ the last time I looked.

Genworth is not going anywhere...and they are rated A. When was A = excellent a bad thing? AIG was A+ and then declared bankruptcy. MetLife was A+ and exited the business......Berkshire/Guardian was/is A+ and is exiting.

Maybe AM Best ratings are pretty useless come to think of it. Maybe all you need is a carrier that actually gives a crap about the LTC business. MedAmerica is B-? They appear committed. Genworth and Mutual of Omaha sure appear committed. Hancock does not appear committed to anything but getting out of the LTC business,

You only get to be A+ by having a huge life/annuity business anyway. LTC, being a health product, only hurts.,

 

[billberry12]

yankee466

How do you feel about Pru when it's competitve?

Bill