Northwestern Mutual Long Term Care Insurance Review

#8 in Long Term Care Insurance

Northwestern Mutual is a rock-solid provider of long term care insurance with sound financial backing. The company offers a comprehensive list of plans and benefits that are up to par with the best plans being offered today.

 

Premium

Northwestern Mutual seems to be on the pricier side compared to other companies offering the same type of plans. Other drawback with Northwestern Mutual is their lack of discounts for people who are in a good state of health as offered by other long term care insurance services. The company’s premiums when compared to similar plans in other companies are around 40 percent more expensive than the lowest priced offers.

An explanation for Northwestern Mutual’s high premiums is because it does not base its computations on initial prices. This is also the reason why it has not increased rates on its existing policy holders.

Northwestern Mutual offers automatic inflation-protection at 3, 4 and 5 percent. This means that a similar plan without inflation-protection which provides $100 daily benefit could be enhanced to $200 daily benefit with inflation-protection. 

 

Plans Available

 

State Partnership

No

Individual

Yes

Group

No

Tax qualified Policies

Yes

 

Types of care covered

Assisted living

Nursing home care

Hospice care

Adult day care centers

Home health care

 

Benefits

Waiting Period – Service based (elimination period is based on the days when actual service is performed)

Maximum Benefit Period – 3 and 6 years

Home Care – 100 percent cover

 

Northwestern Mutual’s benefits awards policy holders on a month basis. This makes it easier for policy holders to plan expenses according to their needs. Monthly benefits could be given anywhere between $1500 and $12,000 a month.

 

Financial Rating

A.M. Best – A++

(The company has demonstrated superior overall performance and has a very strong ability to meet its obligations to policyholders over a long period of time.)

 

Summary

Northwestern Mutual might seem to be an expensive choice at first glance but it is one of the few companies that have been able to resist asking their policy holders for premium increases. Overall, Northwestern Mutual is a good bet when it comes to choosing a long term care insurance provider. With solid financial ratings, you can be sure that the company will be there in your senior years when you need it.

 

Latest Reviews

Start your review for Northwestern Mutual Long Term Care Insurance
Bill Liskowitz
Northwestern Mutual Long Term Care Insurance review
7/21/2016
Rates are OK for men; Rates are extremely high for female applicants. No Preferred health discounts. Limited benefit period options. No Shared Coverage riders. There are better policy values. Mass Mutual, for example.