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. Premiums and underwriting criteria vary dramatically between insurance companies.
When comparing long-term care insurance, you should recognize the differences between the Banker's Life plan and other companies.
When comparing long-term care insurance, you should recognize the key differences between Banker's Life and the other major companies.
For most Long-Term Care Insurance specialists and consumers alike, the biggest concern is the troubled history of the parent company. Conseco (CNO Financial Group) owns Banker's Life. Conseco has had a very troubled financial past, which leads many long-term care specialists not to recommend Banker's Life.
Banker's Life has several product series depending on your state. The products do have several features and benefits consumers, and Long-Term Care Insurance specialists look for in a long-term care insurance policy.
Features available with Banker's Life Long-Term Care Insurance:
- 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 Partnership Long-Term Care Insurance policies. You can find the current and future cost of long-term care services where you live, 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 primarily 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.
Keep in mind, numerous state and federal regulations impact Long-Term Care Insurance. Each state's department of insurance regulates premiums. Because of regulation, an insurance agent or financial advisor cannot give a consumer a special discount which is not available otherwise.
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.
You can find a trusted and qualified specialist who represents the major insurance companies that offer these products by clicking here.
Keep in mind, numerous state and federal regulations 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 before retirement when health is usually better. A Long-Term Care Specialist will ask you several detailed questions about your health to provide you with accurate quotes and professional recommendations.
Please note: Since every company has different underwriting rules, you could be eligible for 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 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.