How Do You Know Which Long Term Care Insurance Company to Pick?

What makes a good long term care insurance company? How do you know if you’re picking the right one?

An LTC Specialist can help you navigate these questions and more. To help you get started on your search, the following provides a few guidelines on how to decide which long term care insurance company to pick.

Financial Strength

Strong financial ratings are a good indicator of the financial health of a company. These four rankings help set insurance carriers apart.

  • A.M. Best: This well-known rating helps you measure a company’s ability to pay claims.
  • Moody’s Investors Service: Moody’s ratings offer investors a simple system of gradation where future relative creditworthiness of securities can be gauged.
  • Standard & Poor’s: This offers a classification of bonds according to risk and rates the claims-paying ability for over 300 insurance companies worldwide.
  • Comdex: Comdex is a composite of all rating systems. Comdex ranks a company on a scale of 1 to 100 with 1 being the weakest and 100 being the strongest compared to other companies in their market. This rating offers two key advantages:
    1. It combines the evaluations of several agencies.
    2. The percentile ranking makes it easier to understand and compare companies.

Underwriting Experience

LTCI companies with conservative, consistent underwriting may help keep your rates stable in the future. A conservative approach to underwriting may be a good indicator of strong financial strength and ability to pay future claims.

Claim Experts

What’s the most important time in the life of an LTCI policy? Claim time.

That’s why you want a company with a proven track record of paying claims. A great insurance company has excellent customer service and a smooth process for handling claims.

Top Traditional LTCI Carriers We Represent

The following are the top LTCI carriers we represent based on the guidelines above:

Genworth Financial
A.M. Best Company: B++
(Very Good)
John Hancock
A.M. Best Company: A+
(Superior)
Mutual of Omaha
A.M. Best Company: B++
(Very Good)
TransAmerica
A.M. Best Company: A+
(Superior)

Have questions on which long term care insurance company is right for you? Speak with an LTC Specialist today.