Founded in 1922 as an auto insurance company, State Farm is now the largest property and casualty insurer in the United States, with more than 83 million active policies and accounts. As a mutual company, State Farm is owned by its policyholders, allowing it to stay clearly focused on understanding the needs of its customers and providing policies and services to match. State Farm’s insurance policies are backed by the company’s great reputation, solid financial strength, and nearly a century of experience.
Long-Term Care Insurance Policies
State Farm’s policies cover a range of care options, including assisted living, hospice care, nursing home care, adult day care, and home health care. They offer tax-qualified and non-tax qualified policies, inflation protection, and a range of choices for things like waiting period and maximum benefit. State Farm’s maximum benefit options extend all the way to 10 years, making it a great choice for those looking to purchase coverage for an extended period of time. Recent years have been tough on many companies offering long-term care insurance policies, and this has resulted in price hikes across the board. State Farm’s prices in particular are higher than those of many of its competitors, and in December 2017 they announced a plan to raise rates even further for many of their existing LTC insurance customers.
Unlike many other long-term care insurance companies, State Farm sells its LTC insurance exclusively through its network of agents. If you aren’t quite ready to talk with an agent, you can also receive a quote online.
Reputation and Financial Strength
State Farm is an experienced company with a strong financial outlook. It received a score of A++ (superior) from A.M. Best, AA (very strong) from Standard & Poor’s, and Aa1 (excellent) from Moody’s Investors Service. Ratings from independent agencies such as these are important because a company’s financial strength helps to determine its ability to pay out claims in the future. State Farm also consistently scores well with customers.
Be sure to take a look at our other articles to learn more about the various insurance companies offering long-term care policies. Remember – long-term care insurance policies and the companies that issue them can differ greatly, so it pays to do your research and shop around.
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