Best Long Term Care Insurance - What It Is And How To Get It
What is the best long term care insurance policy? Is it that which costs the least? No! While cost is certainly a factor in determining what the best policy for any given profile is, there are several other factors that should be addressed by the policy. We'll touch those factors first and then show you how to ensure you get the best policy for your needs...
Make sure the policy has a non-forfeiture benefit, an inflation adjustment component and a guaranteed renewal. A non-forfeiture benefit ensures that you'll receive a good part of your benefits if you let the policy expire without knowing or if you end it.
With an inflation adjustment component you are guaranteed that the benefits you will receive years later will reflect the cost of long term care at that time. People sometimes grow so old or have physical/mental relapse and this makes insurers refuse to renew their policy. With a guaranteed renewal provision no insurer can do that to you.
Now after you've ensured that your policy has these components then make sure you get and compare many quotes. The minimum I recommend is a visit to five or more reputable quotes sites.
But before you pay make sure the insurance company you eventually go for is licensed to sell long term care insurance in your state. Don't deal with an insurer except you have verified their legitimacy, reputation and standing. Use organizations such as BBB, A.M Best Company, Phelps, Inc., Standard & Poor's Insurance Rating Services, Moody's Investor Services, Inc. and others to determine how favorable their ratings are.
This is essential because folks who end up requiring long term care won't be in a physical or mental condition to deal with an insurance company that carry does NOT fulfill its policy terms. And believe it or not, several dishonest companies have been indicted in unethical practices because they know a claimant is incapacitated.
Here is my favorite page for long term care insurance quotes...
Long Term Care Insurance Quotes
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Chimezirim Odimba writes on insurance.
Source: http://ezinearticles.com/
Added: March 21, 2008
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