Return to Original Long Term Care Insurance Discussion Board Archived Index

Re: Long term care policy ratings or comparisons

Posted by Scott A. Olson, CLTC on December 08, 19100 at 20:54:30:

In Reply to: Long term care policy ratings or comparisons posted by Susan on December 06, 19100 at 21:26:49:

Susan, that's a tough one. The first recommendation is to find an insurance agent who specializes in long term care insurance and who represents AT LEAST 5 of the leading long term care insurers.

Secondly, focus on the CRITICAL BENEFITS in a policy. Those benefits are the daily benefit, the inflation option, the elimination period, and the benefit period. Those benefits are the engine and the transmission of a policy. It is unfair to compare policies unless they are identical regarding these CRITICAL BENEFITS.

Lastly, a policy could have all the bells and whistles in the world and promise you everything under the sun, but if the company has below average financial ratings or very little long term care experience, it could be an empty promise. Run from an agent who tells you that financial ratings don't matter. The best company for determining financial strength is Weiss Research. Do not do business with any company that gets less than a B- from Weiss. He's a very tough grader. A B- from Weiss is better than an A from most other financial ratings companies.

sao

: I'm looking for a way to distinguish between the many ltc policies out there. Any suggestions?

: Knoxville, TN

Follow Ups:

Re: Long term care policy ratings or comparisons : Susan, that's a tough one. The first recommendation is to find an insurance agent who specializes in long term care insurance and who represents AT LEAST 5 of the leading long term care insurers. : Secondly, focus on the CRITICAL BENEFITS in a policy. Those benefits are the daily benefit, the inflation option, the elimination period, and the benefit period. Those benefits are the engine and the transmission of a policy. It is unfair to compare policies unless they are identical regarding these CRITICAL BENEFITS. : Lastly, a policy could have all the bells and whistles in the world and promise you everything under the sun, but if the company has below average financial ratings or very little long term care experience, it could be an empty promise. Run from an agent who tells you that financial ratings don't matter. The best company for determining financial strength is Weiss Research. Do not do business with any company that gets less than a B- from Weiss. He's a very tough grader. A B- from Weiss is better than an A from most other financial ratings companies. : sao : : : I'm looking for a way to distinguish between the many ltc policies out there. Any suggestions? : : Knoxville, TN

Return to Original Long Term Care Insurance Discussion Board Archived Index

Learn More About Your options...

Texas license # 1270417