There are variations between the policy language and benefits between the many companies that offer Long-Term Care Insurance, however the primary features and benefit choices are comparable from company to company. Differences do exist between the primary companies. When comparing long-term care insurance, you should recognize the differences between Banker’s Life and the other major companies.
For most long-term care specialists and consumers alike the biggest concern is the troubled history of the parent company. Banker’s Life is owned by Conseco. Conseco has had a very troubled financial past which lead most long-term care specialists to not recommend Banker’s Life.
Banker’s Life has a number of product series depending on your state. The products do have several features and benefits consumers and long-term care specialists alike look for in a long-term care insurance policy. These include:
- Daily Benefit only - $40 to $400 a day
- Several Inflation Options including 2%, 3%, 4%, and 5% compounded – plus others
- Shared Care Benefit
- Cash Benefit
- Elimination Period Options - 0, 15, 30, 60, 90, 180, and 365 days
- Non-Tax-Qualified Option
- Return of Premium
- Restoration of Benefits
- Dual Waiver of Premium
Banker’s Life does offer long-term care partnership policies. Find your state on the LTC NEWS MAP. You can get the current cost of long-term care services, the availability of partnership plans and tax incentives by clicking here.
Significant premium differences exist between companies for the exact same benefits. Long-Term Care Insurance premiums are calculated based on your selection of benefit levels you wish to have in place. Premium calculations are also based on your age and health at the time of application. Plus, you may qualify for discounts which might be available.
Every company has their own underwriting rules which determine insurability and rate class. An experienced Long-Term Care Insurance specialist will understand these underwriting rules when helping you select the best company and policy options.
You can find a qualified specialist who represents the major insurance companies which offer these products by clicking here.
Keep in mind, numerous state and federal regulation impact Long-Term Care Insurance. However, options and benefits do vary from company to company. Be sure to seek the assistance of a qualified Long-Term Care Specialist to compare the features, benefits, and costs of each policy.
Since your health is a primary consideration in determining your eligibility for coverage it is always best to start planning prior to retirement when health is usually better. A Long-Term Care Specialist will ask you a number of questions about your health in order to make the appropriate recommendation.
Please note: Since every company has different underwriting rules you could be eligible with one company and not another.
Because Long-Term Care Insurance is custom designed you can design the plan to fit your specific needs, concerns and budget. A specialist will help you design your plan to address your concerns. Generally, you can design almost any plan, to:
- Safeguard income and savings
- Protect the lifestyle of your spouse/partner
- Provide options for quality care
- Reduce the stress and burdens otherwise placed on family members
- Give your adult children time to be family
- Provide a legacy for loved ones
State variations may apply.