Los Angeles, CA, October 18, 2018 --(PR.com
)-- The top selling insurance companies offering individual long-term care insurance were identified during a call today conducted by the director of the American Association for Long-Term Care Insurance.
"There are far fewer insurance companies currently offering traditional long-term care insurance policies to new applicants," explains Jesse Slome, director of the national long-term care insurance association. "At the same time, there are many consumers who are confused and frustrated by their attempts to connect with major insurers who once offered policies but currently no longer do."
Slome cited major insurers who have exited the long-term care insurance marketplace over the past years. "Major companies like Met Life, John Hancock, Prudential, Unum and CNA were once leading sellers of new policies," Slome shared during a phone call with insurance agents seeking background on the long-term care insurance industry. "These companies still have several million LTC policyholders on the books and they continue to service them and pay millions in claims. But, they no longer offer individuals the option to purchase a new long-term care policy."
Some of the long-term care insurance companies that currently offer policies include Genworth, Mutual of Omaha, New York Life and Northwestern Mutual. "There are some smaller companies with less brand name recognition such as National Guardian Life Insurance Company (NGL) and, of course, today there are linked benefit long-term care policies from companies like One America, Lincoln Financial and Nationwide," Slome shared.
"All industries go through transitions, and long-term care insurance is certainly one of them," Slome shared with the group. "Today, it takes a sizable, committed and innovative company to be successful and just like Amazon changed the landscape for companies like Sears Roebuck and Kmart, today's LTC insurers must have Amazon-like qualities to compete," Slome added.
The American Association for Long-Term Care Insurance advocates for the importance of long-term care planning and helps consumers connect with knowledgeable professionals who are independent advisors.
Consumers looking for local long-term care insurance agents or cost comparisons should visit the Association's website at www.aaltci.org or can call the organization's national headquarters at 818-597-3227.