Founded in 1897, CNA has since grown into the 8th largest commercial property and casualty insurer in the United States. The corporation offers a wide range of insurance products including everything from health to auto and much, much more. CNA protects more than one million businesses and professionals of all sizes throughout North America, Europe, and Asia. CNA is licensed to sell insurance in all 50 states and the District of Columbia. The Continental Casualty Company, which got its start in the long-term care insurance industry in the 1960s, is a subsidiary of CNA and the official underwriter for all their LTC policies.
Long-Term Care Insurance
As an insurer catering to the needs of businesses, CNA offered long-term care insurance in the form of group plans. On February 2nd, 2016, the corporation announced that they would no longer be accepting enrollment into these plans and removed the associated pages from their website. Policies issued prior to this remain in effect and can still be cancelled, changed, or used as they normally would – the corporation will simply not be issuing any further policies.
Reputation and Financial Strength
CNA has received solid financial scores from three major independent ratings agencies: an A (excellent) from A.M. Best, an A2 (good) from Moody’s Investors Service, and an A (strong) from Standard & Poor’s. The outlook on all of these ratings is stable. Ratings such as these are important because they help to measure a company’s financial strength and thus its ability to pay out claims in the future. While not all customers report bad experiences, it is worth noting that CNA does not have the best reputation, with many policyholders complaining about sudden and significant rate increases and having claims denied for suspicious or seemingly arbitrary reasons. Some have even chosen to file lawsuits against the corporation.
Be sure to take a look at our other articles to learn more about the various insurance companies offering long-term care policies. Remember – these policies and the companies that issue them can differ greatly, so it really does pay to do your research and shop around.
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