Compare Forethought Long Term Care Insurance Plans

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Long Term Care Insurance & Preventing Dementia

Forethought Long-Term Care Insurance

Forethought Life Insurance is a relatively new company, having been founded in 1985 as a subsidiary to Hillenbrand Industries. It quickly grew from there, becoming independent in 2004 and later joining Global Atlantic Financial Group, which it remains a part of to this day. Forethought got its start by focusing on providing pre-need coverage for funerary expenses and it is still considered one of the best burial life insurance companies in the industry. In addition to various insurance products that help to cover final expenses, Forethought offers annuities for retirement, long-term care, and more.

Forethought Life Insurance

Annuity with Long-Term Care Benefits

While many people still choose to purchase traditional long-term care insurance policies, recent years have seen increased interest in hybrid products that combine long-term care coverage with other features or services. ForeCare, the hybrid offered by Forethought, is a fixed annuity with a long-term care rider. ForeCare provides a steady stream of funds that can be used to pay for qualified long-term care expenses. Any money that is left over when the annuity’s owner passes away can be turned into a death benefit instead, thus ensuring that nothing goes to waste regardless of how much or how little long-term care is required. However, it is worth noting that hybrids typically cost more than traditional long-term care insurance, and the ForeCare annuity requires a single, upfront premium of at least $35,000.

ForeCare provides a guaranteed minimum interest rate along with principal protection and 2-3x contract value for qualified expenses. There are also tax benefits, as contract growth is tax-deferred and qualified withdrawals for long-term care are typically exempt from federal income tax. Joint benefits for couples are also available, allowing qualifying spouses to each make long-term care withdrawals as needed. The long-term care rider comes standard with this annuity, but others can be added as well, including a nonforfeiture benefit and inflation protection. If you are considering purchasing a ForeCare annuity, it is a good idea to do so sooner rather than later, as the monthly fee associated with the long-term care rider will vary depending on your age at the time the annuity is issued.

Reputation and Financial Strength

Forethought is a financially sound company and has received good scores from three major independent ratings agencies: an A- (excellent) from A.M. Best, an Aa3 (excellent) from Moody’s Investors Service, and an A- (strong) from Standard & Poor’s. While a company should not be judged on financial strength alone, these scores are important because they help to predict the company’s ability to pay out future claims. As for its reputation with customers, it is worth noting that while Forethought does have many positive reviews, data collected by the National Association of Insurance Commissioners does show that it has a higher than median rate of complaints for a company of its size. Such complaints focus primarily on negative interactions with customer service representatives and difficulty receiving answers or help from them.

Be sure to take a look at our other articles to learn more about the various companies offering traditional LTC insurance and hybrid policies. You can find further information on the benefits and drawbacks of hybrids in our first article on alternatives to traditional long-term care insurance. Remember – these policies and the companies that issue them can differ greatly, so it really does pay to do your research and shop around.

More Useful Links:

CNA Financial Long Term Care

ASSET PROTECTION

Help protect your savings from the costs of care NOT COVERED
by traditional insurances or Government programs, like Medicare.
It helps you choose where you receive care and avoid the nursing home!

OVERWHELMING STATISTICS

  • 40% receiving long-term care are working-age adults, ages of 18-64.*
  • About 70% over age 65 will need long-term care services in their
    lifetime. By 2020, this number is expected to exceed 12 million.*

WHY US?

At QuickHealthInsurance.Com, your quotes are delivered by one single specialist, who
helps you choose the best features and discounts, without over-buying
coverage. Avoid mistakes when planning your long-term care policy
with one-on-one guidance from us.

DISCOUNTS AVAILABLE

Sample Long-Term Care Insurance Savings Opportunities

Up to 30% Spousal/Partner Discount

Up to 15% Preferred Health Discount

Up to 5% Small Business Discount

* Discounts are not cumulative and vary by state.

Age(s)

PLUS, Receive 2 FREE Books -
Long Term Care Insurance & Preventing Dementia

Forethought Long-Term Care Insurance

Forethought Life Insurance is a relatively new company, having been founded in 1985 as a subsidiary to Hillenbrand Industries. It quickly grew from there, becoming independent in 2004 and later joining Global Atlantic Financial Group, which it remains a part of to this day. Forethought got its start by focusing on providing pre-need coverage for funerary expenses and it is still considered one of the best burial life insurance companies in the industry. In addition to various insurance products that help to cover final expenses, Forethought offers annuities for retirement, long-term care, and more.

Forethought Life Insurance

Annuity with Long-Term Care Benefits

While many people still choose to purchase traditional long-term care insurance policies, recent years have seen increased interest in hybrid products that combine long-term care coverage with other features or services. ForeCare, the hybrid offered by Forethought, is a fixed annuity with a long-term care rider. ForeCare provides a steady stream of funds that can be used to pay for qualified long-term care expenses. Any money that is left over when the annuity’s owner passes away can be turned into a death benefit instead, thus ensuring that nothing goes to waste regardless of how much or how little long-term care is required. However, it is worth noting that hybrids typically cost more than traditional long-term care insurance, and the ForeCare annuity requires a single, upfront premium of at least $35,000.

ForeCare provides a guaranteed minimum interest rate along with principal protection and 2-3x contract value for qualified expenses. There are also tax benefits, as contract growth is tax-deferred and qualified withdrawals for long-term care are typically exempt from federal income tax. Joint benefits for couples are also available, allowing qualifying spouses to each make long-term care withdrawals as needed. The long-term care rider comes standard with this annuity, but others can be added as well, including a nonforfeiture benefit and inflation protection. If you are considering purchasing a ForeCare annuity, it is a good idea to do so sooner rather than later, as the monthly fee associated with the long-term care rider will vary depending on your age at the time the annuity is issued.

Reputation and Financial Strength

Forethought is a financially sound company and has received good scores from three major independent ratings agencies: an A- (excellent) from A.M. Best, an Aa3 (excellent) from Moody’s Investors Service, and an A- (strong) from Standard & Poor’s. While a company should not be judged on financial strength alone, these scores are important because they help to predict the company’s ability to pay out future claims. As for its reputation with customers, it is worth noting that while Forethought does have many positive reviews, data collected by the National Association of Insurance Commissioners does show that it has a higher than median rate of complaints for a company of its size. Such complaints focus primarily on negative interactions with customer service representatives and difficulty receiving answers or help from them.

Be sure to take a look at our other articles to learn more about the various companies offering traditional LTC insurance and hybrid policies. You can find further information on the benefits and drawbacks of hybrids in our first article on alternatives to traditional long-term care insurance. Remember – these policies and the companies that issue them can differ greatly, so it really does pay to do your research and shop around.

More Useful Links:

CNA Financial Long Term Care

ASSET PROTECTION

Help protect your savings from the costs of care NOT COVERED
by traditional insurances or Government programs, like Medicare.
It helps you choose where you receive care and avoid the nursing home!

OVERWHELMING STATISTICS

  • 40% receiving long-term care are working-age adults, ages of 18-64.*
  • About 70% over age 65 will need long-term care services in their
    lifetime. By 2020, this number is expected to exceed 12 million.*

WHY US?

At QuickHealthInsurance.Com, your quotes are delivered by one single specialist, who
helps you choose the best features and discounts, without over-buying
coverage. Avoid mistakes when planning your long-term care policy
with one-on-one guidance from us.

DISCOUNTS AVAILABLE

Sample Long-Term Care Insurance Savings Opportunities

Up to 30% Spousal/Partner Discount

Up to 15% Preferred Health Discount

Up to 5% Small Business Discount

* Discounts are not cumulative and vary by state.