When you’re looking at Long Term Care Insurance, you know it’s important to compare as many Long Term Care Insurance Companies as you can.  But it’s not that simple.  Most agents are “captive” agents, meaning they are paid more to sell their main company, often the logo on their business card. They, may give a “comparison” but they are going to try and talk you into the Long Term Care Insurance company that pays them the most.  A true honest independent agent will keep your best interest in mind, and show you an unbiased view of the whole market of Long Term Care Insurance Companies.

Take Your Time when researching the Long Term Care Insurance Companies

The first step is to Relax.  Agents love to apply artificial pressure getting you to move faster than you are comfortable doing.  The Long Term Care Insurance sales process can feel rushed by hungry agents sometimes.  Prevent high-pressure sales tactics from clouding your decision.

  • Financial Strength Ratings of the top Long Term Care Insurance Companies .  When choosing a Long Term Care insurance policy, first look for a company with an A or better financial strength rating.  Also, look for a company with a good reputation for paying claims on a timely manor When it comes time to collect a claim, for example, it is important not only to be dealing with a reputable company but also with Long Term Care Insurance Companies that have good investments on their books.
  • Getting the best price.  An independent agent can quote you pricing for all of the major Long Term Care Insurance Companies.  They should be able to provide you with side-by-side comparison of at least three Long Term Care Insurance Companies.
  • Policy Benefits for Long Term Care Insurance Companies may vary slightly. The backbone of a Long Term Care Insurance plan are similar from company to company with some minor differences.   A good independent will help you sift through the variations to find the right company fit for your financial situation.

A good broker will work with most of the top Long Term Care Insurance companies. Top carriers include MedAmerica, Lincoln Financial, Genworth Financial, Pacific Life John Hancock, Transamerica, Mass Mutual, New York Life, and Mutual of Omaha, which are all reputable companies with good financial strength ratings.

Long Term Care Insurance Company Financial Strength Ratings

The average claim age of Long Term Care Insurance is 86.4 years old.  With that being said, you want to pick a company that you think will be around in 30-40 years to pay your claim.

Below are some links to companies that rate the financial stability of insurance companies.

Can my Long Term Care Insurance Premium go up?

Yes, but the Long Term Care insurance companies can never increase your rates for any changes in you heath or age.  However, companies can file for a rate increase with your state’s insurance department for an increase on all Long Term Care Insurance policies in a particular class.  This type of increase has happened with most all carriers 2-3 times over a forty year or so history of selling these policies.

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