CNA Long Term Care Insurance Review

CNA Long Term Care Insurance
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    The story surrounding the availability of CNA long term care insurance in the US is no longer new.

    If you’re still in the dark and probably searching for more information about CNA long-term care products, we will debunk everything you should know in this article.

    What you should know about CNA long term care insurance

    Since 1897 CNA has been providing insurance products and services for businesses and professionals in the U.S., Canada, Europe, and Asia. The company currently offers a variety of insurance products including commercial property and casualty insurance, professional liability insurance, and specialty insurance.

    According to Wikipedia, CNA is the seventh largest commercial insurer in the United States as of 2018.

    CNA started selling many LTC policies in the 90s and early 2000s across many states. But this however did not last longer than expected.

    During the summer of 2003, the company announced that it would stop selling individual LTC policies effective September 2003. It however still continued to sell its group LTC policies until 2014.

    Also check: Whole Life Insurance: Benefits and Features

    Why did CNA stop selling long-term-care insurance?

    For CNA, LTC insurance is a complex product and the rising cost and risk of the products made it difficult to maintain. Apart from CNA many other top insurance providers like Allianz Life Insurance Company of North America also rolled out LTC products from their shelves.

    What’s next for existing CNA long term care policyholders?

    If you still own an LTC insurance policy with CNA, the company will still honor all existing long-term care policies, and policyholders can continue to receive benefits as outlined in their policies. However, the company is no longer accepting new applications for long-term care insurance.

    Policyholders can still visit the company’s website to manage their existing policies.

    CNA contact information for existing policyholders

    If you still hold a policy with CNA, you can access your policy and claim information by contacting them using the following means.

    Group Long-Term Care Policyholders

    BY PHONE: For General Questions on Your Policy contact: 800-262-4580

    For Claims: 866-308-0278

    General Correspondence (non-premium)
    CNA Group Long Term Care
    P.O. Box 64887
    St. Paul, MN 55164

    Individual Long-Term Care

    BY PHONE: General Questions on Your Policycontact: 800-775-1541

    Claims: 800-262-1037

    General Correspondence (non-premium)
    CNA Individual Long Term Care
    P.O. Box 64912
    St. Paul, MN 55164-0912

    Premium Payments
    CNA Individual Long Term Care
    P.O. Box 74007627
    Chicago, IL 60674-7627

    BY FAX
    Policyholder Services (non-claim)

    Alternatively, you can visit their website to find out more.

    What’s next now

    If you were considering getting long-term care coverage from CNA but unhappy with the news, we have alternatives for you. Here are some of the best insurers you can still buy long-term care policies in the US.

    New York Life

    New York Life Insurance Company is one of the largest insurance companies in the United States. NYLIC was founded in 1845 and is headquartered in New York.

    The policies and products they sell include but are not limited to long-term care insurance, life insurance, disability income insurance, and annuities.

    NYLIC has 2 policy types with coverage limits of up to $400/day. To get the actual cost of their LTC policy simply connect with an agent to get started.

    Also check: How to easily Cancel New York Life Insurance

    Bankers Life

    Bankers Life is another provider you might want to consider for all your long-term care solutions. The company was founded in 1879 and is based in Chicago, Illinois.

    Bankers Life offers a maximum benefit period of 2 years, while also allowing a maximum issue age of 84. Policyholders can get one of the lowest average costs on their LTC products and other benefits.

    Here are some quick benefits from their product.

    • Offers independence and financial security
    • Offers flexibility in making choices and the option to live at home
    • Provides coverage for unexpected health expenses
    • Days of care do not have to be consecutive within the claim period

    You can get a quote today from their website or call (888) 910-6993 to speak with an agent or representative.

    Mutual of Omaha

    Mutual of Omaha is a popular financial service and insurance firm in the United States. Mutual of Omaha stands out for its wide range of coverage options. They also provide a host of premium discounts, so if you want to save more on long-term care, Mutual of Omaha is the go-to option.

    Contact an agent today or call 800-896-5988 to get a quote today.

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    Genworth Financial

    Headquartered in Virginia, Genworth Financial is one the largest long-term care providers in the nation. Genworth Financial offers both individual and group coverage in all 50 states.

    To get a quote, contact an agent at 800.456.7766.

    Final Verdict

    Since CNA no longer offers long-term care products, you can consider switching to other providers. Our picks are some of the best insurance companies policyholders can also buy LTC policies from.

    To get the best price and value for money, you should try comparing each provider to know which one best fits your budget and unique needs.

    Frequently Asked Questions about CNA long term care insurance

    Who should buy long-term care insurance?

    Up to 70% of people aged 65 and older will need long-term care to help with everyday activities, such as getting out of bed and bathing.

    It is important for people who are at a high risk of needing long-term care, such as people with chronic health conditions or people who are over the age of 65.

    How much long-term care insurance do I need?

    This could vary for several reasons based on your individual needs. You can expect to pay an average of $300 per day in long-term care benefits.

    Will CNA sell long term insurance again in the future?

    At the moment, there is no update regarding when or if CNA will reinstate its long-term policy. Chances are that it may never.

    Does CNA still sell other insurance products?

    Yes, CNA still offers other policies like commercial insurance, professional liability insurance, specialty insurance, and many more.

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