Alternatives to Long-Term Care Insurance
Bankers Life & Casualty
Originally called the Hotel Men’s Mutual Benefit Association, Bankers Life was founded in 1879. Since then, they have dedicated themselves to helping middle-income Americans with their insurance needs. In the 1960s, they began to shift their focus towards seniors specifically, and became one of the first insurers to develop and offer Medicare supplement insurance. Today, Bankers Life continues to offer a variety of other products for retirement and beyond, including long-term care insurance. They are licensed to sell insurance in all 50 states.
Long-Term Care Insurance Policies
Bankers Life offers comprehensive LTC insurance, which covers both nursing homes and home health care, as well as facility-only LTC insurance, which covers expenses for nursing homes, assisted living facilities, and Alzheimer’s facilities. Policies come with a variety of options and can be customized to help meet your individual needs. Notable features on some of their policies include the ability to hire an immediate family member to provide home health care for you and paying a benefit for emergency medical response systems, though the system must meet certain requirements to qualify. Payments can be made quickly and easily through your account on their website. You can even set it up so that your premiums are withdrawn automatically from your bank account. Free consultations are available for those who are interested.
Reputation and Financial Strength
Unfortunately, Bankers Life and Casualty does not have as great a reputation as some of the other insurance companies discussed on this website. They received adequate financial scores from the four main independent rating agencies: A.M. Best gave them an A- (excellent), Standard & Poor’s a BBB+ (good), Moody’s Investors Service a Baa1 (adequate), and Fitch a BBB+ (moderately weak). These financial ratings are important because a company’s financial strength helps determine its ability to pay out claims in the future. Feedback from clients is mixed, but there have been multiple reports of issues with customer service and the claims process, including unreasonable delays in receiving payment for claims and having claims denied for dubious reasons. Their parent company, CNO Financial Group, has also faced issues in the past regarding its treatment of long-term care insurance customers, but did agree to put millions of dollars towards fines and improvements.
Be sure to take a look at our other articles to learn more about the various insurance companies that offer long-term care policies. Remember – every policy and every company is different, and it pays to do your research and shop around.
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