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Old 01-21-2016, 12:57 PM
 
10,819 posts, read 8,071,380 times
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Quote:
Originally Posted by LTCShop View Post
how much commission does your home and auto insurance agent make on your policies?
how much commission does your life insurance agent make on the policy he/she sold you?
Yes, it's an appropriate question for all insurance vehicles. Auto and home insurance are often mandatory and for some reason people think that means rates are uniform among different agents.
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Old 01-21-2016, 04:09 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,942,381 times
Reputation: 6717
Quote:
Originally Posted by LTCShop View Post
There are policies like this.
What more would you like to know?

How much they cost depends upon how much benefit you want to buy.

If I say anymore I might be in violation of T.O.S.
Well I think people would like to know company names - prices in various parts of the country - etc. We talk about various insurance companies here all the time.

Don't think you'd be violating any TOS if you answer my question .

So - hypothetically - what might the terms/conditions/costs/benefits of such a policy be for a woman in my zip code - 32082 - at age 50 or 55 - with no known serious medical issues (that's not me - I'm 68 ). Robyn
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Old 01-21-2016, 04:19 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,942,381 times
Reputation: 6717
Quote:
Originally Posted by LTCShop View Post
how much commission does your home and auto insurance agent make on your policies?
how much commission does your life insurance agent make on the policy he/she sold you?
I really don't care what commissions my insurance agents make. I just look at what I'm getting/paying - bottom line. I don't often compare costs between companies in certain lines of insurance - like homeowners' and auto - because it's so darned hard to get a decent homeowners' insurance company/policy in Florida. We are currently with State Farm Florida on our homeowners' - and - if we shopped around our State Farm auto to save a couple of hundred bucks - we would doubtless lose the good homeowners' coverage we have. Robyn
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Old 01-21-2016, 04:21 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,942,381 times
Reputation: 6717
Quote:
Originally Posted by mathjak107 View Post
better yet how much in profits is baked in to those cd's . the banks profits are included in that rate just the same way a draw rate on an spia is . no one works for free
I honestly don't get what you're talking about. Robyn
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Old 01-21-2016, 04:28 PM
 
71,735 posts, read 71,853,273 times
Reputation: 49289
there are expenses taken from a cd . just like a money market takes expenses to operate . you don't see it because it is already subtracted off the rate ,.

buying an spia is just like a cd , all expenses are included in your rate . if you like the rate ,that's your deal .
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Old 01-21-2016, 05:56 PM
 
Location: LTCShop.com
236 posts, read 113,330 times
Reputation: 151
Quote:
Originally Posted by biscuitmom View Post
Yes, it's an appropriate question for all insurance vehicles. Auto and home insurance are often mandatory and for some reason people think that means rates are uniform among different agents.
So, the last time you got auto insurance quotes, did you ask each agent how much commission he/she would make?
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Old 01-21-2016, 09:35 PM
 
Location: LTCShop.com
236 posts, read 113,330 times
Reputation: 151
Quote:
Originally Posted by Robyn55 View Post
Well I think people would like to know company names - prices in various parts of the country - etc. We talk about various insurance companies here all the time.

Don't think you'd be violating any TOS if you answer my question .

So - hypothetically - what might the terms/conditions/costs/benefits of such a policy be for a woman in my zip code - 32082 - at age 50 or 55 - with no known serious medical issues (that's not me - I'm 68 ). Robyn

Married couple, both age 50, both non-smokers.
$100,000 per year in LTC benefits per person
Unlimited Benefit Period (in other words, there's no cap on how long the policy can pay the benefits... the policy never runs out of LTC benefits)

$2,512 annual premium per spouse.

Premium is guaranteed to never go up.

Policyholder can choose to cancel policy at anytime and receive a partial refund of premiums.
The refund is equal to about 60% of the premiums paid.

A+ rated mutual insurance company founded in 1928.
Company has 28 years experience selling this type of product.


This is just one example.
More or less benefit could be purchased.

These rates are not limited to your zip code.
The rates are nearly identical in 49 states.
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Old 01-21-2016, 10:47 PM
 
662 posts, read 479,717 times
Reputation: 1690
Quote:
Originally Posted by LTCShop View Post
Married couple, both age 50, both non-smokers.
$100,000 per year in LTC benefits per person
Unlimited Benefit Period (in other words, there's no cap on how long the policy can pay the benefits... the policy never runs out of LTC benefits)

$2,512 annual premium per spouse.

Premium is guaranteed to never go up.

Policyholder can choose to cancel policy at anytime and receive a partial refund of premiums.
The refund is equal to about 60% of the premiums paid.

A+ rated mutual insurance company founded in 1928.
Company has 28 years experience selling this type of product.


This is just one example.
More or less benefit could be purchased.

These rates are not limited to your zip code.
The rates are nearly identical in 49 states.
Not to nit-pick here, but Robyn did ask about a women, 50-55. I think that's relevant, since:

A: studies show women spend a longer amount of time needing care and

B: couples often get discounts that singles can't, and

C: you did choose the lower age bracket (which I assume will affect premiums), so can you use 55 as the age?

Thus can you please re-run it for

A. a woman (they need more care, or at least for longer....are they charged higher premiums?)

B. who is single (she won't get a discount for buying with a spouse)

C. who is 55 (the top of the bracket)

I think it will be helpful to compare the numbers you gave above, with the numbers that tease-out the specifics of sex, couples discount (I also assume that because men die earlier, the money to be made out of the couples discount is specifically because 1/2 of the duo is male); and the higher specific age. I would appreciate it. I think many would.

Single.
Female.
55

I gotta believe she's paying the lion(ess) share of that $2512 premium.

Last edited by crusinsusan; 01-21-2016 at 11:02 PM..
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Old 01-22-2016, 04:56 AM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,942,381 times
Reputation: 6717
Quote:
Originally Posted by LTCShop View Post
Married couple, both age 50, both non-smokers.
$100,000 per year in LTC benefits per person
Unlimited Benefit Period (in other words, there's no cap on how long the policy can pay the benefits... the policy never runs out of LTC benefits)

$2,512 annual premium per spouse.

Premium is guaranteed to never go up.

Policyholder can choose to cancel policy at anytime and receive a partial refund of premiums.
The refund is equal to about 60% of the premiums paid.

A+ rated mutual insurance company founded in 1928.
Company has 28 years experience selling this type of product.

This is just one example.
More or less benefit could be purchased.

These rates are not limited to your zip code.
The rates are nearly identical in 49 states.
Those numbers make actuarial sense to me. The future value of the $5024/year 35 years down the road - at age 85 - at the lower end of the range in terms of when people go into SNFs - compounded at 3% - is about $317k. About half of spouses go into SNFs for LTC at some point - and the average length of stay is about 2.5 years. So the company expects to pay out $250k - and earn some profit on the deal overall. Of course - it will pay out less to some people - more to others.

Let's see what the numbers are like for crusinsusan's 55 year old woman. Robyn
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Old 01-22-2016, 09:40 AM
 
662 posts, read 479,717 times
Reputation: 1690
Quote:
Originally Posted by Robyn55 View Post
Those numbers make actuarial sense to me.
I'm not happy with it. As I see it, assuming need at age 80, and beginning to pay premiums at age 50, the single person will have paid the company over $75,000 for the policy that will pay just $25,000 more for needed care. And that is using figures from the couples quote (surely discounted) and I'm betting women will pay more for that same $100k payout policy.

I'd rather put the "premiums" into my own investment and either make up the "extra" $25k. Or just put $2512 into a mattress each year, and have the $75k at 80 and pfffft! to the $25k of "fear money".

And not having to use it, means one would get back about $45k (if you say at age 80...hey! I won't ever need it!...which I don't see happening...I see someone else getting it: as an inheritance). It's a loss of over $30k if you don't use it.
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