We’ve been in the Long Term Care Insurance business since 1995 and the most common question I hear is: “What is the best Long Term Care Insurance policy on the market?” Although they may change places every few years, here is LTC Tree’s ranking on the top 10 Long Term Care Insurance Companies:
1. Massachusetts Mutual (Mass Mutual)
2. Genworth Financial
3. Mutual of Omaha
4. Prudential Financial
5. Transamerica Life
6. John Hancock
7. United of Omaha
8. State Farm
9. New York Life
10. Northwestern Mutual
Each company has some good points and bad just like anything.
- Genworth’s Privilege Choice Flex plan is pretty solid and they have included features like the Survivorship Benefit, Monthly benefits, and Waiver of Home Health care Elimination Period built in to their product. They have an a la carte’ product called where you can add only the additional benefits you prefer. They are an A rated company and have the most customers in the industry. They have also paid the most claims as well. An important feature is Genworth will let a non-licensed care give provide home care for you which typically is less than a person who comes from a home health agency.
- John Hancock’s product Custom Care III is a bit pricey these days and they have many of the same benefits are Genworth but they typically are slightly more expensive in couple situations, . They are an A+ rated company and are second in sales and claims paid.
- Mass Mutual’s plan is very strong with solid features and they have an A++ rating. They have not been selling LTC as long as Genworth and Mutual of Omaha but started around 1998. They are a mutual company which means you as a policy holder are a small owner in the company. They pay dividends on other products and could possibly do so on their LTC products too. As of 11/1/2011 have never raised rates on any of their LTC book of business.
- Prudential Financial is another good A+ choice and have been selling LTC since around 1998. They tend to have good rates on the 5 years benefit periods.
- Mutual of Omaha is another option and have been selling LTC since around 1987. They have a rated class to use when people have a few health concerns to deal with.
- Transamerica has been in the LTC business since around 1984.
At LTC Tree we work with all the companies so we let you decide which one is best for you by quoting the top 6-7 carriers. We will of course help guild you through the various companies and point out the benefits and pitfalls with objective advice. Call us or fill out this form below for your FREE long term care insurance quotes.
