 Choosing the Best Long Term Care
Insurance Company
When choosing a long-term care insurance company and policy, view each element
in perspective with your personal needs.
No one element should determine your choice.
To choose the best long term care insurance company,
consider the company's financial standing, company size, past rate
increases, along with several other important factors.
Insurance rating companies provide
financial standing and company size information. Company
size is made up of assets and surpluses. Ask your insurance agents
to provide you with the most recent rating
information.
Insurance rating companies include:
- A.M. Best (908) 439-2200
- Standard & Poors (212) 438-2000
- Moody’s (212) 553-0377
- Fitch Financial (800) 753-4824
- Weiss Ratings, Inc. (800) 289-9222
Cheap long term care insurance policies
Be careful of cheap long term care insurance policies.
When buying long term care insurance, compare "apples-to-apples" rather
than just the price. The insurance premium is a factor of the
optional benefits and features that the policy will provide. Cheap
policies may be omitting important benefits that are important to
you. Work with a long
term care insurance agent to
determine which benefits and features best fits your needs.
Strict Long term care insurance underwriting
Long term care insurance companies that use firm and consistant underwriting
standards usually have more stable premiums. This is because they
are more careful about the risks they are taking on and have predictable
claim results.These insurance companies will carefully review
your health history and conduct an assessment interview.
Companies
that offer easy issue policies usually are also offering the
policy to people with serious health conditions and can lead to higher
premiums
for everyone who bought insurance from that company.
Insurance companies' experience in offering long term care insurance
products
Determine how long the insurance company has been offering long
term care insurance policies. Companies with a long history of experience
offering long term care insurance may have more stable premiums.
There are also many high quality insurance companies that are relatively
new to the market and have fine product offerings.
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