Long Term Care Insurance Companies' Reliability

2007-03-08 10:33:40

( Health )



You may need to buy long term care insurance if you want to maintain your independence and not rely on your family members when you get old, or if you want to protect your assets against the high costs of long term care, and thus preserve your children’s inheritance.

There exist thousands of long term care insurance companies ranging in size from giant to small companies in the country today. Finding the right company for your long term care insurance needs may be a little difficult and requires a thorough research.

Policies (even those with similar benefits) vary significantly among long term care insurance companies. Getting quotes from several long term care insurance companies before buying a policy can save you a substantial amount of money.

The financial stability of long term care insurance companies or healthcare insurance companies should be one major consideration when you buy a policy. You'd surely want your company to be around when it's time to use the proceeds of the policy. You can check the company's financial rating from major rating services.

You may want to get information on the number of consumer complaints against long term care insurance companies; this should be available at your state's department of insurance office. A high number of consumer complaints would indicate that the company has a poor customer service record. You would not want to deal with that kind of company especially when it's time for you to file your claims.

Before buying anything from long term care insurance companies, make sure that they are licensed to do business in your state. You can either ask the company directly about their license or you can visit the department of insurance in your state either in person or online since the insurance department is responsible for issuing licenses to insurance companies.


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