Equitable/SILAC Long-Term Care Insurance Review

Equitable Life & Casualty Insurance Company changed its corporate name to SILAC Insurance Company in August 2020. The main operational facility will remain in Salt Lake City, UT.

Equitable only offered short-term/limited benefit cash indemnity plans, not traditional Long-Term Care Insurance. However, they have discontinued the sale of their limited duration/short-term policies; however, this does not impact current policyholders. Policyholders are still receiving customer service, and claims are being paid.

SILAC still offers annuities, Medicare Supplements, and life insurance.

If you own an Equitable/SILAC short-term care policy and seek help submitting a claim, LTC NEWS offers free - no-obligation assistance - including help finding quality caregivers and facilities. Since most agents have little or no experience in this area, this assistance can benefit the entire family - Filing a Long-Term Care Insurance Claim.

Looking for Short-Term/Limited Duration Cash Indemnity Insurance?

While SILAC no longer offers these plans, several insurance companies offer these products. Insurance companies like Aetna and Guarantee Trust Life are the leaders in this product category.

The benefit of these plans is that they provide benefits for in-home and facility care with reduced underwriting criteria compared to traditional Long-Term Care Insurance. These plans are not Long-Term Care Insurance, nor do they meet federal guidelines under Section 7702(b); however, they generally use similar benefit triggers.

Seek the advice of a qualified Long-Term Care Insurance specialist who understands how these products work and their underwriting standards.

Find State-Specific Information

Short-term/Limited Duration plans are only available in some states. Find your state's page on the  LTC NEWS Cost of Care Calculator to see if your state offers these products.

Shopping for Long-Term Care Insurance?

Several insurance companies offer traditional Long-Term Care Insurance or hybrid policies that combine life insurance or annuities with a qualified raider for long-term care.

Numerous state and federal regulations impact Long-Term Care Insurance and related products. Each state's department of insurance regulates products and premiums. Because of regulation, an insurance agent, agency, or financial advisor cannot give a consumer a special discount that is not available otherwise. 

Use all the tools and resources available on LTC NEWS to help you in your research - Resources for Long-Term Care Planning.

There are more similarities than differences when it comes to features and benefits. However, options and benefits vary from company to company, and premiums can vary between companies by over 100% when comparing equal benefits.

Underwriting

Long-Term Care Insurance is medically underwritten, and every company has its 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.

Be sure to seek the assistance of a qualified Long-Term Care Specialist to compare each policy's features, benefits, and costs. You can find a trusted and qualified specialist representing the major insurance companies that offer these products - Work With a Specialist.

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 develop your plan to address your concerns. Generally, you can design a plan to meet some or all of these common goals:

• 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.