Why is it so expensive to purchase long-term care policies?

Before buying, everyone should understand how crucial it is to shop around and compare prices between companies, urges Weiss Ratings Inc. Sadly, many consumers simply focus on price and when their eyes land on the first price that they see, they are practically traumatized. That's because people just don't take the time to compare prices and look for better deals.

Martin Weiss, the chairman of Weiss Ratings Inc., says, "Price variations can be huge when comparing long term care policies. But just because a policy is less expensive doesn't necessarily make it a better choice.'

What are the most and least expensive term care premium costs?

Most expensive:

• UNUM Life Ins. Co

• Pyramid Life Ins. Co

• General Electric Capital Asr.

• New York Life Ins. Co.

• Transamerica Occidental Life Insurance Co.

Least Expensive:

• First UNUM Life Ins. Co.

• Guarantee Trust Life Ins. Co.

• Penn Treaty Network America

• Travelers Life & Annuity Co.

• Continental Casualty Co.

If you're shopping around for policies, you might want to look at more than just the price tag of a policy. There are other important factors to watch out for like the inflation protection, waiver of premium for home health care, waiver of premium for facility care, alternate care plans, non-forfeiture clause and others. Keep in mind that it is important to purchase the right amount of coverage.