UPDATE: we recently updated these long term care insurance company rankings in a recent post. CLICK HERE to go there.
Company and/or service ratings can be rather ambiguous sometimes, but that doesn’t mean they should be ignored. And the fact is, many base their buying decisions on them, so it’s even more important that a good rating system be designed to accurately reflect a companies ability to provide a service.
Researching the best long term care insurance companies is really no different, which is why we want to provide you with an updated rating scale of the top long term care insurance companies in the market today.
Note: The Comdex is not a rating itself, but a composite of all the ratings that a company has received. The Comdex ranks the companies, on a scale of 1 to 100, in relation to other companies that have been rated by the services. The Comdex is an effort to reduce the confusion over ratings, which is caused by each ratings service using a different scale. The Comdex is based on the ratings issued by the following rating services: AM Best, Standard & Poor’s, Moody’s Investors Service and Fitch. It does not include Weiss Ratings. Updates to our website will be made periodically.
Allianz Life is one of the largest insurance companies in the world offering a variety of financial products and services.
- Long term Care Insurance Product: Generation Protector II
- Company Assets: $1.2 Trillion
- Comdex Financial Ranking: 85
MedAmerica Insurance Company is a health insurance company specializing in long term care insurance.
- Long Term Care Insurance Product: Simplicity ii
- Company Assets: $600 Million
- Comdex Financial Ranking: 56
Genworth is a spin off company of GE Capital Assurance and offers a number of financial products and services.
- Long term Care Insurance Products: Privileged Choice and Classic Select
- Company Assets: $104 Billion
- Comdex Financial Ranking: 79
John Hancock is now the second largest insurance company in North America and offers a wide variety of individual and group long term care insurance products.
- Long Term Care Insurance Products: Custom Care II Enhanced, Leading Edge, Corporate Solutions and Corporate Choices.
- Company Assets: $400 Billion
- Comdex Financial Ranking: 95
MetLife Insurance Company is one of the nations leading multi-line providers of retirement plans and insurance for individuals, families and businesses.
- Long Term Care Insurance Products: Value, Ideal, Premier VIP II, LifeStage Advantage Multi-Life
- Company Assets: $500 Billion
- Comdex Financial Ranking: 94
Founded in 1909, Mutual of Omaha has been selling long-term care insurance since 1987. Today, long-term care remains a core product for the company.
- Long-Term Care Insurance Products: Mutual Care 3 & 5, Mutual Care My Way and Mutual Care at Work
- Company Assets: $18.5 Billion
- Comdex Financial Ranking:95
Prudential Financial’s distinctive rock logo and Prudential’s name are among the most enduring brands in U.S. corporate history. Founded in 1875, has been selling long-term care insurance since 1986.
- Long-Term Care Insurance Products: LTC 3
- Company Assets: $600 Billion
- Comdex Financial Ranking:85
United of Omaha is a subsidiary company of Mutual of Omaha, founded in 1926.
- Long-Term Care Insurance Products: Assured Solutions Gold, Cash First and Workplace Solutions
- Company Assets: $18.5 Billion
- Comdex Financial Ranking:95
If you are in the process of purchasing insurance for long term care, or are just researching it, understanding your providers ability to pay for the long term care you will eventually need, is very important.
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Financial ratings should be a top priority
After seeing your blog about the BEST LTCs, I have a few questions. What is Comdex rating for Bankers Life Insurance Co. LTC – at Home and a Facility? What was there scale rating 1-100? Where can I see all the companies researched? Why is Weiss Ratings not included in your survey?
Thanks for clearing this up for me. Since I am seriously looking into LTC coverage at 67 years young.
Kip – recent reports appear to give Bankers Life a rating of around 55. Look here for more info – http://www.ltcinshelp.com/LTC%20Insurance-information%20you%20requested.ppt
Kip – you can always call us directly if you need more info regarding ratings and such. Sometimes it’s easier to explain this kind of info over the phone. We can be reached at 888-466-5404. Or, you can send us an email through our “Ask an Expert” form here – http://www.ltcconnects.com/resources/?page=expert
What is the rating for Lincoln Fiancial for long term care insurance? Have you heard of MoneyGuard Reserve policies where you put up a lump sum and it pays long term care if you need it or a death benefit and acrues interest?
Walter,
Lincoln National Corporation is one of the largest financial services companies in the country and is #32 by assets on the Fortune 500 list for 2008 (May 2009). The Lincoln National Life Insurance Company and Lincoln Life & Annuity Company of New York:
As for your question regarding MoneyGuard Reserve policies, we don’t deal with them much as they’re not really a player in the LTC market.
How can a monoline company compete in the comdex ratings with companies that sell multiple lines. MedAmerica vs rest of the companies listed.
I don’t understand how these ratings work
Larry, thanks for the very good question.
The view is that a mono-line carrier by nature is more challenged to maintain a high Comdex ranking due to the difficulty’s inherent with accessing the same levels of capital as a multi-line carrier. LTC is a very capital intensive business.
Comdex is figured based on the following:
The Comdex is not a rating itself, but a composite of all the ratings that a company has received. The Comdex ranks the companies, on a scale of 1 to 100, in relation to other companies that have been rated by the services. The Comdex is an effort to reduce the confusion over ratings, which is caused by each ratings service using a different scale. The Comdex is based on the ratings issued by the following rating services: AM Best, Standard & Poor’s, Moody’s Investors Service and Fitch. It does not include Weiss Ratings.
What is the rating of Northwestern (“the quiet company”)? A representative of Northwestern insists (surprise, surprise) that Northwestern is the best LTCI company due to financial stability, rate stability, dividends which reduce the cost, etc.
Bill, we don’t work directly with Northwestern so we didn’t include them in blog post on rankings. That being said, they do have excellent financial strength ratings.
@Bill
Northwestern has a comdex of 100. It’s long term care insurance policy is very very expensive. Even with a dividend, it is still very very expensive.
I have had LTC insurance from Kanawha for at least six years now. What is their comdex? Are they financially stable?
Janice – they have a Comdex of 50 and a +BBB rating with Standard and Poor’s
Sorry, I didn’t see you had already provided that Comdex on Northwestern. If you can help with State Farm that would be great.
Regina – check here for State Farm – https://www.vitalsalessuite.com/vs/help/whatsnewhistory.aspx
HI : My friend is 77 & not in the best of health. He was told by his Ins agent that only Medamerica will consider him. With a Comdex of 56 is he possibly throwing out his money ? Does he have to be concerned that they wont be able to pay in 10 yrs from now ? Thanks
Nachum – Your friend received wrong information. He would be considered by any company assuming he’s in relatively good health. If you would like some help in determining his insurability just let us know. You can email us at admin@ltcconnects.com or quickly click on this link and fill out our Ask the LTC Insurance Expert form here