Looking for the best LTC insurance firms in the market? It’s prudent that you start with a list of at least 6 top companies so you have some room to narrow down to the very best. It takes a lot of time and effort on your part just to that. The majority of agents in the LTC industry are ‘captive’. At the expense of choice, they will focus on closing the deal for their sponsoring insurance company. If at all they’ll provide ‘comparisons’, these will be biased to prioritize the company that pays them best. LTC Key on the other hand, is a virtual LTC policy comparison hub that operates independently. Keeping your best interests in mind, we give you an unbiased perspective of different carriers operating in the market today.
Sign posts – What to Watch for in the Best LTC Insurance Companies?
The typical ‘hungry’ local insurance agent will do anything within their power to push the deal. They will scare you with care costs, give you astonishing statistics, and unleash all their decades-long fine-tuned marketing skills on you. LTC Key gives you the opportunity to simply sit back and relax. Rather than you having to seek out the insurance companies, we change the rules so that they can pitch to you. It’s a pressure-free, quick and convenient process that has been acclaimed by thousands of our users from across the nation. Here are some of the factors that you should actually consider when looking for the top long term care insurance providers:
- Financial Strength Ratings – you want to prioritize firms that unquestionably good financial standings and ratings. Go for firms that have a good reputation, especially when it comes to how they treat their policyholders. Ultimately, you want to work with a stable company that won’t disappoint when it’s finally time to start collecting benefits.
- Competitiveness Based on Pricing – since you have to pay Long Term Care insurance premiums over many years, pricing definitely matters. Look for good companies that also have competitive pricing. LTC Key provides you with side-by-side comparisons of policies from different providers.
- Policy Features – the basic framework for long term care insurance policies doesn’t vary that much from one firm to the other. Nonetheless, every provider wishes to differentiate their policies with a perk or two. You should make sure that the policy you want to settle on has superb benefits. We help you drill down through the details so you can find a policy that suits your specifications.
LTC Key only focuses exclusively on highly-reputable, top-rated companies such as Genworth Financial, Transamerica, John Hancock, National Guardian Life, Mutual of Omaha, United of Omaha, and many more that are above board.
Why Financial Strength Ratings are So Important When Choosing your LTC Insurance Provider?
Based on credible statistics, the average age of a person needing Long Term Care is over 80 years. If you already started paying for LTC cover, you might not need it until after two or three more decades. That’s why its imperative you work with companies that are going to be able to pay your claims when you need them in the future.
Here are some links for 3rd party platforms that publish financial strength ratings for the top insurance companies. We highly recommend that you always work with insurance firms that have an ‘A’ rating, or even better.
- M Best
- Standard and Poor’s
LTC Insurance Premium Rate Stability
Keep in mind that LTC insurance companies cannot increase your individual premiums. An LTC insurance firm is not allowed to push up your premiums due to changes in your health or age. However, the company can seek permission from your state’s insurance commissioner so they can make a class-wide rate increase on policies in specific categories.
The market share of an LTC insurer only indicates the firm’s collective sales for a season. It’s not representative of the entire market as a whole. Based on 2015 estimates by the American Association for Long-Term Care Insurance, Northwestern Mutual, Mutual of Omaha and Genworth were the top three firms. But keep in mind that these rankings may change from season to season.
Best LTC Insurers
In addition to the three carriers mentioned above, other companies that make it to our top list include Transamerica, John Hancock, and Lincoln Financial, among others.
To get side-by-side policy quotes from various top companies so you can compare and ‘window-shop’ right from the comfort of your living room, make a request below.