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Re: LTC premium cost

Posted by Scott A. Olson, CLTC on July 16, 2001 at 11:16:51:

In Reply to: LTC premium cost posted by Michael Hood on July 16, 2001 at 09:22:32:

Michael,

The statement: "shop and go with the lowest premium amongst comparable benefits" is wrong. I have never advocated going with the insurer that has the lowest premium. In fact, when I run my spreadsheets for my clients, I hardly ever recommend the company that comes in with the lowest premium. Most often the companies with the lowest premiums have very poor financial ratings OR they have very little experience with long term care insurance.

However, even when you just consider the top 10 long term care insurers, excluding those who have below average financial ratings and only considering those who have a lot of experience and excellent financial ratings. When considering those top ten companies, the premiums amongst those top ten companies usually vary by as much as 75% or more for comparable benefits.

So, it does make sense to shop as long as you are shopping the financially sound, experienced LTC insurers.

Scott A. Olson, CLTC
Valrico, FL

Follow Ups:

Re: LTC premium cost : Michael, : The statement: "shop and go with the lowest premium amongst comparable benefits" is wrong. I have never advocated going with the insurer that has the lowest premium. In fact, when I run my spreadsheets for my clients, I hardly ever recommend the company that comes in with the lowest premium. Most often the companies with the lowest premiums have very poor financial ratings OR they have very little experience with long term care insurance. : However, even when you just consider the top 10 long term care insurers, excluding those who have below average financial ratings and only considering those who have a lot of experience and excellent financial ratings. When considering those top ten companies, the premiums amongst those top ten companies usually vary by as much as 75% or more for comparable benefits. : So, it does make sense to shop as long as you are shopping the financially sound, experienced LTC insurers. : Scott A. Olson, CLTC : Valrico, FL

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