Long-Term Care Insurance
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LONG-TERM CARE INSURANCE
Long-term care (LTC) insurance pays for services to help individuals who are unable to perform certain activities of daily living without assistance or require supervision due to a cognitive impairment such as Alzheimer’s disease. According to the National Association of Insurance Commissioners, 194 insurers wrote LTC insurance in 2007, including 154 life/health insurers, nine property/casualty insurers, 25 health insurers and six fraternal insurers. Earned LTC premiums rose from $8.8 billion in 2004 to $15.0 billion in 2007. There is a common misconception that LTC is primarly geared toward the elderly. A 2008 survey by Unum found that 57 percent of its group long-term care claimants were under the age of 65. A study by Unum, released in November, 2008, found that 46 percent of its group long-term care claimants were under the age of 65 at the time of disability.
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TOP TEN LONG-TERM CARE INSURANCE COMPANIES BY DIRECT PREMIUMS EARNED, 2007
Rank |
Company |
State of domicile |
Parent group |
Direct premiums earned |
Market share |
| 1 | Continental Casualty Co. | IL | CNA Insurance Group | $6,191,890,133 | 41.36% |
| 2 | Genworth Life Insurance Co. | DE | Genworth Financial Group | 1,524,502,260 | 10.18 |
| 3 | John Hancock Life Insurance Co. | MA | John Hancock Group | 1,153,726,292 | 7.71 |
| 4 | Metropolitan Life Insurance Co. | NY | Metropolitan Group | 607,119,162 | 4.06 |
| 5 | Bankers Life & Casualty Co. | IL | Conseco Group | 582,270,687 | 3.89 |
| 6 | Unum Life Insurance Co. of America | ME | UnumProvident Corporation Group | 487,528,705 | 3.26 |
| 7 | Conseco Senior Health Insurance Co. | PA | Conseco Group | 260,948,945 | 1.74 |
| 8 | MetLife Insurance Co. of CT | CT | Metropolitan Group | 259,810,587 | 1.74 |
| 9 | Penn Treaty Network America Insurance Co. | PA | Penn Treaty American Group | 238,037,037 | 1.59 |
| 10 | Life Investors Insurance Co. of America | IA | Aegon Americas | 231,660,753 | 1.55 |
| Source: National Association of Insurance Commissioners (NAIC). Reprinted with permission. Further reprint or redistribution strictly prohibited without written permission of NAIC. |
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