When you consider purchasing long term care insurance, you should take into account the financial ratings of the company. A Superior plan of care will have an A.M. Best rating of an A+ or higher. Below is a breakdown of the level of plan based on their A.M. Best rate.
- Superior rating: A++ or A+
- Excellent rating: A or A-
- Very good rating: B++ or B+
- Good or Fair rating: B or B-
- Marginal rating: C++ or C+
- Financially weak rating: C or C-
- Highly vulnerable rating: D
- Under state supervision rating: E
- In liquidation rating: F
This Rating score is an independent opinion of the financial strength of an insurer. It will help determine the insurer’s ability to meet ongoing policy and contract obligations. The score is based on an evaluation of the company’s balance sheet strength, operating performance and business profile. For long term insurance that will not be used for some time, you want to choose a company with a higher rating to guarantee that when you will need your benefits the insurer will be able to pay out for your care.
