Mackaroo
Expert
Has anyone sold NGL Essential LTC? Any feedback or thoughts? They say they have a 1 pay which suggests a way out of possible rate increases.
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Has anyone sold NGL Essential LTC? Any feedback or thoughts? They say they have a 1 pay which suggests a way out of possible rate increases.
I met with a client on Monday and showed the single pay Lifetime benefit. It was exactly the design she was looking for BUT I also showed her State Life Asset Care with Lifetime benefits. Premiums were close. Both around $105K. She wanted monthly home care. She chose Asset Care. I had her interviewed this week and her policy is already approved. NGL would take 6 weeks. Asset Care took 20 minutes. 20 mins of underwriting is better than 6 weeks. Having cash value better than not having cash value. Monthly HC better than daily.
When I used to sell LTCi, I always liked the monthly benefit. They could rack up 10 times their daily limit in a couple of days and be in the hole on a daily.
When I used to sell LTCi, I always liked the monthly benefit. They could rack up 10 times their daily limit in a couple of days and be in the hole on a daily.
how is that possible?
Medicare pays for more home health care than they did when I last sold LTCi, so my "10 times" amount is exaggerated.
So for the sake of easy figuring, let's just say that someone needed 24 hour care for 2 days at $25 an hour = $1,200 and they had a $100 a day benefit that would pay $200, so their expense was 6 times what their policy's benefit is, so $1,000 in the whole. If they'd had a $3,000 monthly benefit the whole expense would be covered. They could also have more than one type of home health care expense in a day.
I know that you know how it works, but you asked.
in your example, do they need no care the other 28 days of the month? or are they also getting 24 hour care the other 28 days of the month?