This blog post is designed to provide general information on the subjects covered. It is not, however, intended to provide specific estate planning, insurance, tax or legal advice. Please note that LTC Consumer and its representatives do not give financial planning, tax or legal advice. You are encouraged to consult with your tax advisor or attorney concerning your own situation.

How to Choose a Long Term Care Insurance Carrier

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Everyone likes the peace of mind they get from knowing they are protected by insurance if life throws something unexpected, but not many like buying insurance in the first place. This can be especially true with products like long term care insurance. If you have determined that Long Term Care Insurance (LTCI) might be the right for you, how do you go about choosing a plan that meets your needs and a carrier that is financially strong enough to pay your claim? Here are four factors to consider.

Personal experience

A good place to start is with your current insurance companies or agents who you already know and trust. Ask whether they offer long term care insurance, and if so, how it works. The market for LTCI has changed a lot in the past few years and it is important to work with someone who sells 10+ policies a year and can represent more than just one or two carriers.  If they don’t, perhaps they can recommend someone who does. Ask your friends, family and colleagues too – sometimes you can benefit from the research and experience of others.  Finding someone who understands the market and can represent many carriers will help you save a lot of money and get the best coverage for your needs.

Policy price and coverage

The price can vary significantly by carrier.  For example, a 50 year old single woman could pay as little as $1,500 per year and up to $2,900 per year for the same policy from different carriers.   You can quickly rule out insurance carriers who do not offer the kind of coverage you want at the price you need. One way to do that is to get an Instant Quote from LTC Consumer, based on a few quick pieces of information. It’s fast and it’s free.

Carrier history

If you’re comparing companies you don’t already know, do a little homework. You want one you expect to be responsive and reliable if and when you need coverage. How long has the company been in business? How long have they offered long term care insurance? What are their financial ratings?  Focus on carriers that have sold LTCI for at least 5 years and have strong financial ratings from agencies like AM Best, Moody’s, etc.  We have done a lot of the work for you and the carriers that are shown on LTC Consumer are the best in the industry and have passed our criteria.  If you click on the company logo within an instant quote, it will give you an automatic report of their financial ratings and strength.

Professional guidance

Getting professional guidance at some point is a good idea before buying long term care insurance.  There are a number of companies that offer free resources to compare LTCI policies and carriers. Some are the insurance companies themselves; others are independent experts knowledgeable about multiple carriers.   The specialists at LTC Consumer, average 5+ years of experience in helping people with long term care planning and insurance.  They are available to answer questions and help you find the right policy and carrier for your specific needs. It is always free and never any obligation.  Here’s an easy way to get started.

LTC Consumer
is an independent, free online service to help consumers understand what long term care insurance is, how it works, and how to evaluate coverage options. Our mission is to provide an educational, no-pressure resource for learning about long term care planning, with the opportunity to speak with specialists who can help them.

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