Which companies sell long-term care insurance?
Major insurers offering traditional long term-care insurance policies include Bankers Life & Casualty, Genworth Financial, MassMutual, Mutual of Omaha, New York Life, Northwestern Mutual Life, State Farm, and TransAmerica. Traditional LTC insurance policies are more affordable than hybrid policies, but hybrids ensure that your money does not go to waste by turning funds not used on LTC into a death benefit for your heirs. Companies offering hybrid policies include Guardian Life Insurance, Lincoln National Life Insurance, Minnesota Life, Nationwide, Pacific Life Insurance, and State Life Insurance. Other notable companies such as CNA Financial, John Hancock, MedAmerica, and MetLife have withdrawn from the long-term care insurance market for a variety of reasons but are still honoring policies purchased in earlier years.
If you are interested in purchasing a long-term care insurance policy, it is crucial that you do your research and compare policies from multiple companies. In a 2016 price comparison, the American Association for Long-Term Care Insurance found that rates could vary as much as 94% between different insurers. Those interested in long-term care insurance should also examine the insurance companies themselves, checking their history in the LTC insurance market on websites such as Moody’s Investors Service, A.M. Best, and Standard and Poor’s. Things to investigate include the company’s financial strength and stability, how long they have been in the LTC insurance business, and how often they have increased their premiums in the past. We have articles available on all of the major LTC insurance companies to help you with this task, but it is also wise to go out and do some digging of your own.
What are the top 10 long-term care insurance companies?