What Do I Look For In A Long Term Care Insurance Company?
Robert McClure
What do I look for in a good company? You know that you should buy long term care insurance, but where should you look and which company should you consider? A lot of advisers either sell one company's policy, or they only sell a few policies a year, or truthfully, they really don't know. So what do you look for in a good company?
We've all heard that any insurance policy is only as good as the company standing behind it, but what does that mean? It means that the company must meet the standards of an excellent and superior rating. In order to achieve a rating like this a company must meet certain requirements. Look for:
Financially sound companies Committed companies with a large client base Claims paying history Length of time selling LTC insurance History of rate increases
They all sort of blend into one another, but let's look at them in detail:
Financially Sound Companies Check their ratings with the companies that rate the strength of insurance companies. Generally you can get a good flavor of the company's financial strength by looking at their A.M. Best rating. If you want to back up your findings, you can by looking at Standard
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