Empowering Your Future: LifeCare Assurance Company at Your Service.
LifeCare Assurance Company, a leading provider of long-term care insurance products in the United States, specializes in creating, launching, and managing customized long-term care insurance solutions for clients.
These clients include Fortune 500 companies, banks, credit unions, and associations.
In this blog post, we’ll delve into the company’s:
Details, basic information, services and products, financial aspects, coverage details, claims procedures, legal and compliance matters, renewals and cancellations, company culture, and customer experiences.
Company Details
History and Founding Year:
LifeCare Assurance Company was established in 1988 by David Serio, a pioneer in the long-term care insurance industry.
He recognized the need for a comprehensive provider offering reinsurance and administration for long-term care insurance.
Since then, LifeCare has evolved into one of the country’s largest and most reputable long-term care insurance companies.
With a team of over 300 long-term care professionals who are industry experts, they have made significant strides.
CEO and Leadership Team:
The present CEO of LifeCare is Marc Glickman, who assumed the role in 2010, initially as Chief Actuary.
With over 20 years of experience in the long-term care insurance field, he is a well-known speaker and author on the subject.
Additionally, he is the founder of BuddyIns, a platform connecting consumers with long-term care insurance specialists.
The leadership team comprises several key figures, including David Serio (Founder and Chairman), Michael Zmistowski (President), Roberta Cohen (COO), Mark Goldberg (CFO), and others.
Market Share and Company Size:
LifeCare has a market share of approximately 10% in the long-term care insurance industry and serves more than 1.5 million policyholders.
They hold an A+ rating from the Better Business Bureau and an A- rating from A.M. Best.
Headquartered in Woodland Hills, California, they have offices in various states.
Company Contacts
Key contact details for LifeCare Assurance Company include:
| Contact Information | Details |
|---|---|
| Phone Number | (800) 366-5463 |
| Address | 21600 Oxnard St Ste 1500, Woodland Hills, CA, 91367 |
| Customer Service Contact | customerservice@lifecareassurance.com |
| Policy Details | policyinfo@lifecareassurance.com |
| Email Address | info@lifecareassurance.com |
| Fax Number | (818) 710-9000 |
| Operating Hours | Monday to Friday 7:00 AM – 5:00 PM PST |
Services & Products
LifeCare offers a range of long-term care insurance products to cater to diverse needs, including:
- Traditional Long-Term Care Insurance: Covers expenses related to nursing home care, assisted living facilities, home health care, and more.
- Hybrid Long-Term Care Insurance: Combines life insurance and long-term care benefits, providing a death benefit and long-term care coverage.
- Linked Benefit Long-Term Care Insurance: Combines multiple policies to offer flexibility and options for covering long-term care expenses.
- Group Long-Term Care Insurance: Offered by employers or associations as part of employee benefits packages, with lower premiums and simplified underwriting.
- Short Term Care Insurance: Provides coverage for shorter periods, typically up to one year, after events like hospital stays or surgeries.
- International Long-Term Care Insurance: Offers coverage for those living or traveling outside the United States.
Financial Details
The cost of LifeCare’s long-term care insurance depends on several factors, including:
Age, gender, health, marital status, benefit amount, benefit period, elimination period, inflation protection, and other policy features.
They offer payment options such as monthly, annually, single premium, and limited pay.
Discounts and promotional offers are available, including spousal or partner discounts, preferred health discounts, association discounts, and employer discounts.
LifeCare has a high claim payout ratio of 97%, above the industry average, and a low complaint ratio of 0.04%.
Coverage Details
LifeCare’s long-term care insurance policies may have exclusions, such as suicide within the first two years of the policy, fraud, war or terrorism-related deaths, and deaths resulting from illegal or hazardous activities.
Coverage limits depend on policy type, age, health, and underwriting.
Add-ons or riders can enhance coverage, including accidental death benefit, waiver of premium, guaranteed insurability, and long-term care riders.
Claims
LifeCare’s claim process involves notifying the company, gathering required documentation (death certificate, claim form, proof of identity), submitting the claim, review and evaluation, and finally, settlement and disbursement of the death benefit.
The average claim approval time typically falls within 30 to 60 days, following industry standards.
LifeCare Assurance Company maintains a comprehensive privacy policy and terms and conditions governing their services.
Renewals & Cancellations
Policy renewal processes vary depending on the type of life insurance policy, whether term or permanent.
Cancellation is allowed at any time, with no fees for canceling a term life policy.
Permanent life policyholders may receive a cash surrender value upon cancellation.
Company Culture
LifeCare Assurance Company cares about doing a good job, being the best, and trying new things.
They help their workers grow and reward them for their work.
Additionally, they also make their workers feel like family, have fun, say thank you, and be happy.
They aim to lead the long-term care insurance industry and deliver quality products and services.
Customer Experiences
- Review 1: “I have been a policyholder with LifeCare Assurance for over 10 years and I am very satisfied with their service. They have always been responsive, helpful, and courteous whenever I contacted them.
They also paid my claim promptly and without any hassle when I needed long term care services. I would highly recommend them to anyone looking for long term care insurance.” Rating: 5 stars2
FAQs
Q: How do I contact LifeCare Assurance Company?
A: You can contact LifeCare Assurance Company via phone at (800) 366-5463, email at info@lifecareassurance.com, fax at (818) 710-9000, or by visiting their office at 21600 Oxnard St Ste 1500, Woodland Hills, CA, 91367.
Additional information is available on their website at www.lifecareassurance.com.
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