I’ve been in the Long Term Care Insurance business for over 10 years 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 the top 6 in our opinion are:
1. Genworth Financial (Formerly GE Capital) and their Privileged Choice and Classic Select products.
2. John Hancock and their Custom Care II and Cutting Edge products.
3. MetLife’s Ideal, Value, and Premier Products.
4. Mutual of Omaha LTC I and LTC II
5. Allianz Life Generation Protector and Generation Protector II
6. Prudential's LTC3 product
Each company has some good points and bad just like anything, however,
Genworth’s Privilege Choice’s 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 ala cart product called Classic Select 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 II is a close second and they have
many of the same benefits are Genworth but they typically are slightly
more expensive in couple situations, but in single people situations
John Hancock has better rates most of the time. They are an A++ rated
company and are second in sales and claims paid.
MetLife has three plans and the Ideal, Value, and Premier. The Ideal
and Value are not typically used over John Hancock and Genworth because
they typically are more expensive, but the Premier product is a cash
payment policy where they pay you cash and you can spend it any way you
want. Pay bills, medications, etc. You of course have to qualify for
benefits. It’s a good hybrid or bridge between long term care
insurance and disability insurance in my opinion.
At LTCtree.com we work with all the companies so we let you decide
which one is best for you by quoting the top 4-5 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 the
form below for your FREE long term care insurance quotes.
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