Long-term care insurance is a typically a smart purchase; odds are, you will live long enough to need at least some form of nursing care in your later years. But when you purchase long-term care insurance, you do so hoping that the policy will still be active years down the road. Do you know what to do if that company folds? <\/p>\n
When an insurance company gets into trouble or is sold, it is usually absorbed by a larger company, one that continues to honor the old company’s policies. And in Michigan, we have an insurance guaranty association which is designed to protect you, the consumer.<\/p>\n
The guaranty association is in place to ensure that claims are paid; it may also provide any insurance coverage directly to the consumer, or allow policyholders to cash in their policies, or may oversee the sale of the insurance policies from the failed company to a new (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Long-term care insurance is a typically a smart purchase; odds are, you will live long enough to need at least some form of nursing care in your later years. But when you purchase long-term care insurance, you do so hoping…<\/span><\/p>\n