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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
2. John Hancock and their Custom Care II Enhanced and Leading Edge products.
3. MetLife’s Ideal, Value, and Premier Products.
4. Mutual of Omaha LTC I, LTC II, Mutual Care Plus
5. Prudential LTC 3
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 Enhanced 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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