New Long Term Care Insurance Companies Bring Number of Active Sellers to 13
With more long term care insurance companies coming into the market, there are now 13 different long term care insurance companies actively selling new policies in most states.
National Guardian Life, founded in 1910, the newest long term care insurance company, offers Lifetime/Unlimited benefits.
National Guardian Life is the newest entrant to the long-term care insurance market. National Guardian has teamed up with LifeCare Assurance, one of the most experienced long-term care re-insurers. Their product is the most innovative long-term care policy available today. In addition to offering benefits that have no lifetime cap, they also offer several “return of premium” options, and limited-pay options (10-year pay and single-pay).
Two companies that had stopped selling long-term care insurance are now selling new policies again!
Transamerica started selling long-term care insurance in 1987. Thrivent Financial started selling long-term care insurance in 1990. Both companies stopped selling new policies several years ago. After retooling and reducing overhead, they have both started to sell new long-term care policies again.
The average company selling long-term care insurance today has over 20 years of experience in the long-term care insurance market and pays over $250,000,000 in claims every year.
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These 13 long term care insurance companies:
- Have over 270 years of combined experience in the long term care insurance marketplace.
- Incurred over $3.6 BILLION in long-term care insurance claims in 2015.
(The industry, as a whole, incurred over $10.0 BILLION of long term care insurance claims in 2015).
The 13 long term care insurance companies are (alphabetically):
Auto Owners Life Ins. Co.
Bankers Life & Casualty
Federal LTC Program (for federal employees/retirees)
Genworth Life Ins. Co.
Knights of Columbus
LifeSecure (small group)
Mutual of Omaha Ins. Co.
National Guardian Life Ins. Co.
New York Life Ins. Co.
Northwestern Mutual
OneAmerica/State Life
Thrivent Financial
Transamerica