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|Subject: Re: Big Problems wth LongTermCare Insurance||Date: 7/11/2013 7:41 AM|
|Author: TwoCybers||Number: 72547 of 78012|
Well my take on this subject is a bit different. While nobody wants to pay too much for anything, people whose purchase decisions are dominated by price are often disappointed. We have been dealing with a single LTC company for over 20 years and had none of the horror stories Intercst and the media report. That company was originally GE Financial which was spun off and now is known as Genworth Financial.
In my experience the same situation exists with auto insurance. Over the years we have had two major claims -- uninsured motorists hit us. The GEICO folks made the repair like a root canal without Novocain. But when my wife's car was totaled, the State Farm people were straight up and gave us fair value. That is not to say I was perfectly pleased with State Farm, but they did not low ball everything and force the repair shop to jump through hoops to prove an obviously bend frame was bent.
That said, I guess Warren Buffet and the other Berkshire owners were happy with GEICO's approach.
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