By: Tom Riekse Jr.
Three carriers -- Genworth, Transamerica, and John Hancock -- have introduced new products in recent months. The newer products reflect the latest in actuarial assumptions and claim trends, which are designed to meet the needs of policyholders in the future.
There are multiple ways to learn about the new products. First, for a general overview of the product changes in the market, view the August LTCI Partners teleconference. The monthly call includes some background on the assumptions that went into the product, plus highlights of the new plans.
Next, you can view carrier- specific training from the carriers – here are some links to that:
Genworth Privileged Choice Flex Product Training
Here are the highlights of the products:
Genworth Privileged Choice Flex:
- Live+Well benefit – Mayo Clinic online tool and support
- Enhanced shared coverage – if entire pool of money is exhausted by one spouse, the healthy spouse is guaranteed to have 50% of the original pool
- Caregiver support services – access to CareScout to help identify care resources.
Transamerica TransCare II
- 5-year rate guarantee
- Monthly cash alternative option – 1/3 of monthly benefit
- Single pay available
John Hancock Custom Care III
- CPI Compound Inflation Option continues, with new to age 75 option
- Built in return of premium
- Updated actuarial assumptions
In addition to the new products, there are new sales tools and web-based quoting tools. Transamerica even has smart phone (iphone) and tablet (ipad) software!
Finally, all these products are on Vital LTC, including the new Blueprint tool. Take a look at these new prdoucts today or call us for more details.
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