I have clients who were rejected from Genworth (which usually means: don't even try John Hancock). So I'm thinking about trying Penn Treaty for them.
I've read a little about them, seems that they have a black mark on their rep from raising rates on groups in the past, but it seems that most of the companies that jumped into LTCi had to do that to keep solvent.
Anyone have any experience with this company?
What were they rejected for?
If it is of a physical nature (i.e. knees, hips, etc.), but are insurable otherwise, you may want to look into life insurance. That way, if they have assets and needed long term care, they can use the assets to pay for it. The life insurance provides the legacy to the family and charities.
If not, do you have a brokerage that can look into more than just Penn Treaty? I don't know much about them, but IIRC they DO have a black mark in the industry. I can't recall what the details were.
I find John Hancock is more forgiving than Genworth, especially w/diabetes. I am not familiar with Penn
She had a recommendation for a knee replacement several years ago after she slipped on some ice. He has coronary artery disease (not sure what percentage yet) and takes insulin 2X day (not sure how many units).
She doesn't need the knee replacement and I'll instruct her to meet with her doctor, and if he feels the same way, to document it in her records. I'm going to find out what the specifics of his insulin and coronary disease are and see if JH will insure them. I went through all this with Genworth for them and when they were rejected, and we just let it lie (that was over a year ago.) Now were going to exhaust all the options and hopefully find something cost effective for them.
Thanks for the info everyone.