The main long-term care insurance companies cover 73% of the market: AALTCI

According to the American Association for Long-Term Care Insurance, the 10 largest long-term care insurance companies in the nation cover more than 73% of all covered lives.

“A relatively small number of companies account for the majority of policies in force,” reports Jesse Slome, director of the organization. “Genworth remains the largest company with more than 1.1 million policyholders.”

Slome was sharing the information with a consumer group looking for an industry update. “The long-term care insurance industry continues to evolve,” Slome told the group. “Where there were once dozens of companies offering fonts, today a few still do. But even when an insurer stops selling new policies, it continues to service and pay claims on existing policies.

Of the top 10 long-term care insurance companies based on in-force policies, Mutual of Omaha, New York Life, Bankers Life and Northwestern Mutual continue to offer new policies. “Traditional long-term care insurance policies now represent a smaller percentage of new policy sales,” Slome says. “The majority of new policies are linked benefit policies that typically include a combination of life insurance and long-term care insurance benefits.”

Here are the top 10 long term care insurers.

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Lives in Force Market Share %
Genworth 1,167,238 22.09

John Hancock 893 317 16.90

Lifetime encountered 448,748 8.49
Continental case. 413,485 7.83
North-West Mutual 260,077 4.92
Trans-America 251,211 4.76
Prudential 211,771 4.01
Omaha Mutual 200,391 3.79
New York Life 149,660 2.83
Bankers Life 131,981 2.51

Kristan F. Talley