American General Life Ins-
A
Assurity Life Ins Co-
A-
Berkshire Life Insurance Co.-
A++
Genworth Life Ins Co-
A
John Hancock Life Ins Co-
A+
LifeSecure Insurance Co-
A-
Mass Mutual-
A++
MedAmerica Insurance Co-
B++
MetLife (Metropolitan Life)-
A+
Mutual of Omaha Ins Co-
A+
Prudential Insurance Co-
A+
Transamerica Life Ins Co-
A
These companies are the top rated long term care insurance providers in the USA as of 2010.
An explanation of ratings-
A++ and A+ are superior ratings.
A and A- are excellent ratings.
B+, and B++ are very good ratings.
Ratings that are under B point to weakness in the overall structure of the company. Stock performance may not be up to par and the company is very vulnerable to changes in the economy and market.
Use the above ratings to find a carrier that will perform well over time. No one wants to purchase insurance only to find that their insurer has ‘went under’ in ten years or so. Not only is that money wasted, but it leaves you or your loved one in a serious bind if the carrier goes out of business right when the LTC insurance is needed!
Look for a company that will pay a daily benefit that will cover or mostly cover all of your daily costs. As discussed in previous articles, long term care can be very expensive on a daily basis. Some areas of the country may have a daily cost of $100 or so, while others can rise over $300 per day!
Another concern that works hand in hand with daily cost adequacy is inflation. If long term care costs continue to rise (which they will!) will your policy be able to keep up or will you be left holding a large daily bill? Choose a policy that includes inflation coverage and interest.
Also look for comphrehensive coverage that will work with Assisted Living Facilities, skilled facilities, and end of life care, such as Hospice. A policy that travels with you and covers all of these services may cost a little more, but is ultimately worth the cost when you do not need to try to search for a new plan at a late life stage.
