Skip to content

The 5 Best Traditional Long-Term Care Insurance Companies for 2021

Long term care is something that no one likes to think about, but unfortunately, many people will eventually need. Health care costs are skyrocketing, and a lengthy stay at a long-term care facility can easily bankrupt most people’s nest eggs. Long-term care insurance is one way to protect both yourself and your retirement savings. The following 5 companies are some of the few companies still offering traditional long-term care insurance. 

We are able to request quotes from 3 companies: Mutual of Omaha, Transamerica, and National Guardian Life. These quotes reflect information for a 50-year old woman in excellent health, no tobacco use. None of the quotes we got reflect an inflation option, although these are available at a higher cost. Below is the comparison of the three quotes:

Mutual of OmahaTransamericaNational Guardian Life
Product MutualCare Secure SolutionTransCare II 2016Essential LTC
Max daily benefitN/A$200$200
Benefit period4 years 4 years 4 years 
Maximum monthly benefit $6,000N/AN/A
Total benefit$288,000 ($6,000*48)$292,000 ($200*365*4)$292,000
Annual premiums$2,892$1,902$1,926
Years of premium payment Lifetime LifetimeLifetime 
Elimination period90 days 90 days 90 days 
Special featuresShared care option for the spousePremiums guaranteed for 5 years You can choose to pay premiums for 10 years only ($4,506/year)
Best for Best for flexibilityBest for guaranteed rates and best ratesBest for couples

We also considered another 2 companies to make this list due to their popularities: New York Life and Genworth. However, we couldn’t get quotes from them. While we can’t compare quotes from these two companies with the three companies above, we include them in the comparison for your consideration:

Mutual of Omaha: Best for Flexibility

  • Maximum monthly benefit: $6,000
  • Benefit period: Four years
  • Total benefits: $288,000
  • Annual Premium: $2,892 

Mutual of Omaha offers a shared care option, which is a great choice. It’s available as a rider. With this rider, both you and your spouse can tap into the other’s long-term care benefit. 

This is a flexible policy. You can choose how long you want the elimination period to be, anywhere from zero to 365 days. You can choose either a reimbursement plan, or cash indemnity. You can choose how long you receive benefits. All of these options affect the price but may be worth it.

If your spouse happens to be uninsurable, due to some chronic health condition, you can get them long-term care benefits through the Spouse Security benefit option. 

Overall, this is a very customizable policy that could suit your needs. 

>>MORE: Mutual Of Omaha (Traditional) Long-Term Care Insurance Review

Transamerica: Best for Guaranteed Rates and Best Rates

  • Daily benefit: $200
  • Total benefit: $292,000
  • Benefit period: 4 years
  • Annual Premium: $1,902
  • Rate guarantee: Five years
  • Return of premium: To age 67

The rate guarantee means your premiums are guaranteed not to increase for five years. Another nice feature is the cash benefit alternative. You can choose either the reimbursement plan, or you can elect to get 33% of the benefits in cash so you can pay for a home health aide. 

Transamerica sells policies through agents, so you’ll have to call to set up an appointment. 

There are some negative customer service reviews posted about Transamerica, so potential customers should be aware of this. Most of them concern slow response times and denial of claims.

>>MORE: Transamerica (Traditional) Long-Term Care Insurance Review

National Guardian Life: Best for Couples

  • Daily benefit: $200
  • Benefit period: Three years with a one-year benefit extension rider (so, four years)
  • Total benefit: $288,000
  • Annual Premium: $4,507 for ten years, or annually $1,926 for lifetime

National Guardian offers a lifetime benefit option, which is great for peace of mind. It may be important if you need long-term care for over five years. 

They also offer Partnership protection with some states, which was created to help protect your assets should you run out of insurance. Not every state has this program, but if yours does, it’s worth getting. 

Shared care: This optional rider essentially provides 50% more benefits for either you or your spouse if either of you need long-term care. This is an excellent benefit that could be quite a good value if you or your spouse need long-term care for an extended period of time.

>>MORE: National Guardian Life (Traditional) Long-Term Care Insurance Review

New York Life: Best for Customer Service

New York Life offers two long-term care insurance options: MyCare and Secure Care. Secure Care has a pool of money you can draw from to pay for long-term care. MyCare plan replaces the elimination period with a deductible, which may work well for some.

has a deductible, and your long-term care insurance starts as soon as the deductible is met. Lifetime benefits are anywhere from $50,000 to $250,000, and deductibles are anywhere from $4,500 to $21,000.

New York Life has paired with AARP to offer long-term care policies, although it’s unclear if this gets you a discount.

We could not get a quote from New York Life because they sell policies through agents and are fairly guarded about costs. We would guess that they’re on the expensive side. They have decent customer service reviews, and one of the highest ratings for financial strength. Be sure to get quotes from other companies to compare before you go with them.

>>MORE: New York Life Long-Term Care Insurance Review

Genworth: Best for Ummm….

Genworth used to sell long-term care insurance through agents, but now they have an “internal sales team” that sells policies. They still wouldn’t give us a quote, and you have to call to set up a consultation. 

If you’re considering Genworth, there are a few things you should keep in mind. One is that there are a few class-action lawsuits against them for rate increases. Rates have increased and will continue to increase over the next five to seven years. 

Another thing to keep in mind is that Genworth was sold to a Chinese holding company, China Oceanwide, for $2.7 billion dollars in 2016. The sale is still pending. It has been delayed multiple times for various reasons. A.M. Best ranked Genworth with a C++ for financial strength, which is one of the lowest rankings we’ve seen for a well-known insurance company. 

We would hesitate before purchasing long-term care insurance from Genworth, as their financial strength is up in the air, and it seems like they’re stepping back from long-term care. 

>>MORE: Genworth (Traditional) Long-Term Care Insurance Review

Last Thoughts

Long-term care insurance does have some advantages over hybrid life and long-term care policies. It’s less expensive and there’s usually a wider selection of care options. The only thing is, that should you not need long-term care, all that money you spent in premiums is like a gift to the insurance company. The odds are you or your spouse will need long-term care, but if you’re still on the fence, consider a hybrid policy. These policies combine long-term care with life insurance, so that if you don’t need long-term care, instead of having the money go back to the insurance company, your heirs get a nice death benefit. 

>>MORE: The Best Hybrid Long-Term Care Insurance Companies

Click to rate this post!
[Total: 0 Average: 0]
Share on facebook
Share on google
Share on twitter
Share on linkedin
Share on pinterest

No comment yet, add your voice below!

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Tax-Free Retirement Savings Plan - IUL Quotes Comparison

We only need a few data from you (3 mins) to compare quotes of 20+ Indexed Universal Life Insurance (IUL) products from 10+ reputable companies. We’ll recommend the best 3 quotes for your consideration.

Completely free and no commitments! * Required

Guaranteed Life Insurance Policy (GUL) Quotes Comparison

We only need a few data from you (3 mins) to compare quotes of 40+ Guaranteed and Permanent Life Insurance (GUL) products from 15+ reputable companies. We’ll recommend the best 5-8 quotes for your consideration.

Completely free and no commitments! * Required
%d bloggers like this: