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Insurance Ratings Are Important When Considering The Purchase of Long Term Care Insurance
By Bill Broich

Most insurance products have a safety net under them to help reorganize the company or the products if a company were to fail. These safety nets are called "The State Guarantee Association" Fear of a life insurance company or an annuity company failing should not be a concern because of these state guarantees.

Ratings are essential for the consideration of long term care insurance. Always ask and understand their ratings of any company you are considering. Many companies with poorer rating have had a history of numerous premium increases. It may be less expensive over a period of time t select a company which may have a higher initial premium but may be less likely to raise premiums over time due to their expertise in underwriting and claims management. Rating and a history of premium increases should always be considered.

Also there is more company movement in this segment than in any other insurance area. Many LTC companies have been purchased or combined with others. It is a constant movement and a constant consolidation of the LTC companies that have caused concern over premium volatility. Many of the companies who were in LTC as short as 10 years ago no longer exist. Names such as AMEX, CNA and Cigna no longer offer these products and their book of business has been merged into other organizations.

There are numerous sources to determine the rating of any company you are considering such as AM Best and Fitch Ratings. A simple Google search will provide you with the necessary information about each company's financial rating and claim paying ability.

Another little known result of rating is agent compensation. Many companies with lower rating will pay higher commissions to the sales force to interest them in selling their products. Often a situation of bait and switch can come to the surface. The agent can show one policy and then switch to a lesser rated company when the decision is actually considered by the prospect.

Always ask for the ratings and verify them with a second source.

Bill Broich has written a free booklet about annuities. To obtain your free copy please visit: Annuities.

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Bill Broich - EzineArticles Expert Author

Long Term Care Life Insurance News

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OLDWICK, N.J. - (Business Wire) A.M. Best Co. has placed the financial strength rating (FSR) of B++ (Good) and issuer credit rating (ICR) of â€œbbbâ€ of Shenandoah Life Insurance Company (Shenandoah Life) (Roanoke, VA) under review with developing ...

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Research and Markets: Non-life Insurance in the Netherlands ... - Earthtimes

DUBLIN, Ireland - (Business Wire) Research and Markets ( http://www.researchandmarkets.com/research/2ebef6/nonlife _ insurance ) has announced the addition of the "Non-life Insurance in the Netherlands" report to their offering. The Non-life ...

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OLDWICK, N.J. - (Business Wire) A.M. Best Co. has downgraded the financial strength rating to A- (Excellent) from A (Excellent) and issuer credit rating to â€œ a- â€ from â€œ a â€ of Gleaner Life Insurance Society (Gleaner Life) (Adrian, MI). The ...

Sri Lanka Allianz unit expands into life - Lanka Business Online

We have achieved 257 percent growth in 2007 in general insurance business so now we want enter the life insurance market which has a low penetration rate in Sri Lanka," says Surekha Alles chief executive Allianz Lanka. Sri Lanka's life insurance ...

Vigilan and Life Settlement Financial Collaborate to Aid Seniors with ... - Yahoo Finance

PORTLAND, Ore., Nov. 13 /PRNewswire/ -- Vigilan and Life Settlement Financial announced today their collaboration to develop improved models for the valuation of life insurance policies. Life Settlement Financial buys life insurance policies and thus ...

Life Insurers Facing Cuts in Ratings - Herald Tribune

Life insurance companies, hobbled by real estate investments and committed to paying some costly retirement contracts, face more cuts in their credit ratings before the year is up and have little choice but to seek capital in unforgiving markets ...

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Long Term Care Life Insurance Article

Insurance Ratings Are Important When Considering The Purchase of Long Term Care Insurance By Bill Broich

Long Term Care Life Insurance News

A.M. Best Places Ratings of Shenandoah Life Insurance Company Under ... - Earthtimes

Life insurance - CNN Money

Research and Markets: Non-life Insurance in the Netherlands ... - Earthtimes

A.M. Best Downgrades Ratings of Gleaner Life Insurance Society - Earthtimes

Sri Lanka Allianz unit expands into life - Lanka Business Online

Vigilan and Life Settlement Financial Collaborate to Aid Seniors with ... - Yahoo Finance

Life Insurers Facing Cuts in Ratings - Herald Tribune

Long Term Care Life Insurance Links

Insurance Ratings Are Important When Considering The Purchase of Long Term Care Insurance
By Bill Broich