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Long Term Care Insurance?
Old 05-01-2012, 06:49 AM   #1
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Long Term Care Insurance?

I am 57 and thinking about signing up for it. Does anyone have any recomendations regarding which insurance company offers the best package, etc? Any advice welcome. Thank you.
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Old 05-01-2012, 06:59 AM   #2
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If I were to get LTC insurance, I would look at Northwestern Mutual.
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Old 05-01-2012, 07:02 AM   #3
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Ours is with John Hancock, but I'd look at all the major companies.
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Old 05-01-2012, 09:04 AM   #4
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Mine is with Mutual of Omaha. But I agree you should check them all out. Be aware that many Insurance companies will be dropping LTC in the future so be careful.
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Old 05-01-2012, 04:12 PM   #5
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I believe MetLife also sells LTC insurance so be sure to check them out also.

Read the terms carefully - some are inflation adjusted and some are not. You may be able to get a lower cost by insuring for more per day than you need and using the 'excess' to fund inflation over the next few years.

Be careful of the steady step increases in premiums. That is what made me decide to self insure.
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Old 05-01-2012, 06:15 PM   #6
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We just bought some for my husband and after checking lots out we found:
That we got a better deal for an individual policy than through his work.
That Genworth has the longest history of providing it and let's you pay individual caregivers, without them having be hired through an agency, and doesn't show signs of trying to get out of the business, like many are.

None would take me due to medical reasons, so we will use savings for me. Check and see if your state participates in the "partnership" program. It takes too long to explain here, but is worth reading up on.
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Old 05-03-2012, 04:48 AM   #7
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MetLife stopped selling LTC a few months ago. JH is no longer even remotely competitive on pricing these days. NWM is going to cost 50% more for the exact same coverage that Genworth/United of Omaha/Transamerica would provide. If you are applying with a spouse, GW's rates will probably be a good bit less expensive than the others and IMO has the best combination of benefits.
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Old 05-03-2012, 10:12 AM   #8
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Quote:
Originally Posted by dgoldenz View Post
MetLife stopped selling LTC a few months ago. JH is no longer even remotely competitive on pricing these days. NWM is going to cost 50% more for the exact same coverage that Genworth/United of Omaha/Transamerica would provide. If you are applying with a spouse, GW's rates will probably be a good bit less expensive than the others and IMO has the best combination of benefits.
DW and I purchased JH LTC policies through my employment at Megacorp because no health questions were asked. This was several years ago.
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Old 05-03-2012, 10:43 AM   #9
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DW and I purchased JH LTC policies through my employment at Megacorp because no health questions were asked. This was several years ago.
Several years ago JH had the best rates on the market along with GW, but that is no longer the case. Seems to me they have no interest in selling LTC anymore with the rates they are charging.
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Old 05-03-2012, 12:03 PM   #10
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Years ago we purchased a paid up in 10 years policy from Allianz. I do not know if they are still offering such policies.
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Old 05-03-2012, 03:11 PM   #11
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Genrwoth and Transamerica are where I would go. NML will rate the heck out of you, they always do..........
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Old 05-03-2012, 06:11 PM   #12
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Like over 50% of those who responded to a recent LTC survey here (?), I choose to self insure for this risk. Current and future premium payments are too expensive.
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