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LTC Insurance Blog
Simplifying the process of understanding Long Term Care, and helping you decide if Long Term Care insurance is right for you.
Choosing the Right Insurance Company
Choosing the right insurance company to issue your Long Term Care policy is a vital step to ensure you are purchasing a policy that meets your specific needs. Here a few tips to consider when choosing an insurance company.
Select “A” rated or better companies.
As long as you select a well-known insurance company rated “A” or higher, you should not have a problem with your coverage in the future. With few exceptions, the service, claims practices, and core policy benefits of the major companies are generally the same. Look for a history of rate stability as well.
It’s all about your health.
While similar for the most part, each insurance company has its own set of underwriting guidelines. These guidelines determine whether policy applicants will be accepted or rejected, as well as the appropriate risk classification. Your risk class will determine the premium you pay. With one company you may qualify for a “preferred” health discount, while another may offer standard rates for the exact same medical condition. Likewise, an applicant that is accepted for coverage by one company may be rejected by a different company. Agents who work with many of the best insurance companies can match your medical status with the company that will offer you the best risk class and premium rate.
Consider multiple applications.
It may make sense to fill out an application with several different companies if you have a complicated health history. The approval process can take up to eight weeks and you can always cancel.
If you would like to speak with someone about Long Term Care, please give us a call at 1-800-432-0091 or fill out our online form to request a free rate comparison.