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Long Term Care Insurance Company Ratings Are Important
There are many things to consider before you purchase long-term care insurance such as what your needs are, what is the right policy type for your personal situation and how much can you afford.
Another very important thing to consider is the rating of the company that you purchase your policy from. The present economic environment has shown the importance of selecting a sound company to work with.
As a result, one of the several things you should consider is the rating of the insurance company being recommended by your insurance or financial professional.
Several leading independent companies rate long-term care insurers. While these ratings do not offer a crystal ball look into the future they do help a person make better decisions based on current and historical information available, which is the best any of us can do to manage risk.
The companies that publish ratings include A.M. Best, Standard & Poor's and Moody's. Each is an independent firm that looks at an insurance companies financial strength on a regular basis. It is important to note that most insurance companies today offer diverse products from life insurance to financial products. Long-term care insurance is typically a small piece of their overall business.
Each rating company uses a slightly different rating scale but the general idea is somewhat like a grading scale you would expect to see in school, A grade of A++ or AAA is the best possible rating ranging on down to F -- which is generally the lowest. It is the middle and low of these scales that differ slightly with each rating system. The different measurement scales and their definitions are available on each of the rating company's website.
A.M. Best is one of the better known of the insurance rating companies. The A.M. Best rating scale ranges from A++ (Superior) to F (In liquidation). Standard and Poor's rates the claims-paying ability of over 300 insurance organizations worldwide. Their ratings scale ranges from AAA (Superior) to CCC (Extremely vulnerable).
Moody's ratings rates the financial strength of investment vehicles and institutions including insurance companies. Here is an overview of what the Moody's rating system means. 1, 2 or 3 modifiers for each rating category. A 1 indicates that the insurance company ranks in the higher end of its rating category. The modifier 3 indicates that the company ranks in the lower end of its category.
It is important to ask your insurance or financial professional for the latest rating of the company. Ask for something with written proof -- versus a verbal report. Be sure to look for the last date the particular company was rated. Ratings of leading long-term care insurers can be found on the American Association for Long-Term Care Insurance's website.
While ratings are important, certainly the cost of insurance is also vital. When it comes to long-term care insurance, keep in mind that costs for protection can vary quite significantly from one company to another. For that reason, experts generally advise that you consider seeking information from an insurance professional -- typically referred to as a broker -- who has policies from multiple companies available. They can put together a comparison of multiple companies, looking at cost, benefits and, of course, the company ratings.
Author Resource:-
The American Association for Long-Term Care Insurance is the national trade organization providing consumers with relevant and current information. The Association does not sell insurance products but works with several thousand insurance and financial professionals nationwide. Consumers should visit the Association's Consumer Information Center to access free information including insurance company ratings Long-Term Care Insurer Ratings. Insurance and financial professionals should visit the Association's Producer's Resource Center. Jesse Slome is Executive Director of the Association.
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