People typically seek long-term insurance to cover long-term care services like chronic illness, aging effects, and disability. Allianz Life Insurance Company of North America as one of the top insurance providers in the US, is known for providing insurance products like health, life, and travel insurance.
But does Allianz currently offer long-term care insurance in the US? Let’s find out.
Does Allianz still offer long-term insurance care?
Before now, Allianz Life Insurance Company of North America provided stand-alone long-term-care insurance products in the US. But after 2009, the company decided, it sunsetting its LTCI in the US mostly due to the fall of LTC sales across the country.
The company also cited the rising cost of long-term care as one of the reasons for rolling out the product out of the market.
To this end, if you were planning to seek long-term care coverage with Allianz, then we are sorry to announce that Allianz no longer provides long-term insurance policy in the US.
However, there are still some renowned insurance providers that do offer LTC coverage in the states. I will provide them in the latter part of this post.
Also read: Is Airbnb Travel Insurance Worth It?
Cost of long-term care insurance
Long-term insurance care is generally expensive. However, several factors like age, gender, medical history, benefit period, insurance company, and location could determine if you might pay higher premiums or less.
As per the American Association for Long-Term Care Insurance (AALTCI), the average annual premium for a 55-year-old man is $2,220, while the average annual premium for a 55-year-old woman is $3,700.
So if you are weighing the prospects of purchasing long-term care, you should try comparing policies from different insurers to find the one that is best for you.
Also, if you think you’re still inexperienced about choosing the right insurance coverage, you can talk to a financial advisor to assist you in making the right decisions.
Let’s now go through some of the best long-term insurance care providers.
Best long-term care insurance providers
New York Life
Founded in 1845, New York Life is a life insurance company. The company has grown to be one of the largest mutual life insurance company in the United States. New York Life also provides financial products to individuals, families, and businesses.
You can get long-term care coverage from NYL through the New York Life Long-Term Care Choices policy. Here are some benefits from its LTCI policy.
- Flexible benefits: This allows you to choose the amount of coverage you need and the type of care you want to be covered for.
- Inflation protection: Through inflation protection, your benefits will increase over time to keep up with the rising cost of long-term care.
- Guaranteed renewability: This policy allows your health to be renewable for life, even if your health changes.
- Waiver of premium: If you become unable to care for yourself, your premiums will be waived.
Mutual of Omaha
Like New York Life, Mutual of Omaha also provides long-term care solutions through their secure and customs plans.
The Secure Plan provides you with fixed monthly premiums. Like NYL, it also provides guaranteed renewability which allows your policy to be renewable for life.
The Custom Plan on the other note offers more benefits and flexibility to the fee you pay. Custom additions like waiver of premium rider can also be included by the policyholder to their plan.
Northwestern Mutual was founded in 1857 and is one of the largest life insurance companies in the United States. You can get financial products and services from the insurance provider like long-term care insurance, disability insurance, and annuities, alongside, financial planning and investment advisory services.
The company also serves clients in the United States, Canada, and the United Kingdom.
Based in Illinois, State Farm is a very popular name in the insurance industry. If you’re looking for a long-term insurance policy, then State Farm is an insurance provider you should check out.
Note that State Farm no longer offers traditional or hybrid long-term care insurance, However, they do offer a chronic illness rider on their universal life insurance plan. This rider provides benefits if you become chronically ill and unable to perform certain daily activities.
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Guardian Life provides LTCI coverage through its Guardian Life EssentialLTC policy. This policy offers flexible benefits, waiver premium, inflation protection along with other exciting benefits.
Allianz Life Insurance Company of North America may no longer be offering long-term care but still provides short-term services. Since they no longer offer LTCI, We have carefully highlighted some of the best long-term care providers where you can get LTCI coverage that fits your needs.
Lastly, when buying long-term care insurance, try considering the coverage options, benefit amount, duration, and premiums, along with the policy limitations/exclusions. This will help you know the right plan and benefits to receive from the policy.