LTC Providers Comparisons – North West Mutual & Transamerica Long Term Care Insurance Company

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North western mutual was founded at the state of Wisconsin in 1857. It was first founded as a Mutual Life Insurance company. It was primarily completely focused upon the life insurance product in the near half of the 20th century. In the year 1969, it started to elaborate its field of operation. Their first non – life insurance was Disability Income Insurance. Later in few years they also introduced a range of retirement annuities.  In the late 1990’s, they introduced the long term care policy. Gradually in a slow and steady pace, they have grown vast in the sector of long term care insurance. Currently they have nearly 130,000 policies in effect at the current market of US.

Some of their data (approx) are stated below:-

  • Status :Single person
    Age                                       :57
    Gender                                               :Female
    Initial Benefit                    :$162,000
    Northwestern Mutual QuietCare TT   = $1305
  • Status :Single person
    Age                                       :57
    Gender                                               :Male
    Initial Benefit                    :$162,000
    Northwestern Mutual QuietCare TT   = $1305
  • Status :Married Couple
    Age                                       :60-61
    Gender                                               :Both
    Initial Benefit                    :$162,000
    Northwestern Mutual QuietCare TT   = $2,225

 

Transamerica Long Term Care Insurance Company started its journey under the control of Mr. AP Giannini. He was the head of the Bank of America and he was also founder of the Bank of Italy in San Francisco. In the year 1930, it brought Occidental Life Insurance Company through Transamerican Corporation & later its name was changed to Traansamerican Occidental Life Insurance. Company in the early period of 1980. In the year 1999, it brought AEGON. It worked as a private holding company in the US for different insurance companies operating primarily there. It provides LTC under two of its company heads.  It near about 10,000 policies at work and added approximately 6000 more to its tally in previous years.

Some of their data (approx) are stated below:-

  • Status :Single person
    Age                                       :57
    Gender                                               :Female
    Initial Benefit                    :$162,000
    Transamerica Transcare III   = $1,507
  • Status :Single person
    Age                                       :57
    Gender                                               :Male
    Initial Benefit                    :$162,000
    Transamerica Transcare III   = $989
  • Status :Married Couple
    Age                                       :60-61
    Gender                                               :Both
    Initial Benefit                    :$162,000
    Transamerica Transcare III   = $2,242

From the above data, we can conclude that these two Long Term Care Insurance providers are near about same at their costing and pricing. However the price and cost of the insurance and premium depends upon various factors which may vary from company to company,as well as states to states.