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Top 5 Long Term Care Insurance Companies

Tips on Protecting your Future

The top 5 long term care insurance companies are the John Hancock Long Term Life Insurance Company, Massachusetts Mutual Life Insurance Company, Knights of Columbus, State Farm and Northwestern Long Term Life Insurance Company. All of these companies have proven their commitment to long term care insurance by being in the field for many years and having teams specializing in that particular line. They also have excellent ratings with the insurance ratings companies who independently rate companies on their stability and financial strength.

At one point, there were upwards of one hundred companies offering long term care insurance; but now there are less than ten strong companies in the field. While this has limited the choice consumers have in who to get long term care insurance with, it also makes the choice easier because it takes a shorter period of time to compare what is available on the market.

 

Why You Should Consider Long Term Insurance

Long term care insurance is not just another financial product. It is a legitimate and highly necessary form of protection. If you don't have it, it could mean not only a loss of financial assets, but also a loss of dignity at a particularly vulnerable point in your life, or that of a loved one. Medicare will pay for long term care only after you have used up all but $1500 of your own personal net worth. In addition, the care that Medicare will approve is often not what you would ideally want. They don't choose top of the line facilities and coverage is usually based on being in a semi-private room, hence the loss of privacy.

It seems like no matter how old we are; we spend our lives planning for our future. When we're children, we want to be older to get to do things that are forbidden. When we're teenagers, we look forward to independence. As young adults, we plan for making major purchases and what we will do when we finish school or get a certain promotion or achieve certain goals. As we move towards middle age, we plan for retirement, our own children's schooling costs and luxuries we have denied ourselves to date. But often it's only as we pass retirement and start to witness more and more of our peers dying or struggling with illnesses, that we look to a grimmer side of life. We finally start to look at who will take care of us and how we will finance such care if we need help in taking care of simple daily tasks.

 

Getting the Help You Need

Long term care insurance provides for the costs that life insurance and health insurance do not, day to day care needed in order to get by. A surprisingly high percentage of us will need long term care during our lifetimes. Experts indicate that as many as one-third of men and half of all women will spend some of their adult life needing long term care. It may be as simple as some daily in-home care; a person who will come by and help with the daily tasks that we often take for grated until we can no longer perform them. However, it may be a situation where we need to live in an assisted living facility and have help for practically all daily living activities.

If you want to make sure that your future, your assets and your privacy are protected, then long term care insurance is the way to go. Such insurance will pay for either home care or care in a live-in facility. It keeps you from having to liquidate your assets to pay for care and ensures that you can leave the inheritance you wish to leave to your loved ones. This is the insurance no one tells you about; but you have a higher chance of needing to make claims on it than you do on your home owner's insurance and you certainly would not go without that. In order to learn which of the top 5 long term care insurance companies has the best policy for you, make a list of the benefits that are most important and look for those.

Get started comparing long term care insurance quotes today!

Long Term Care Insurance Companies