Failure to act on the Dilnot Commission would be 'catastrophic', according to the ABI, Society for Later Life Advisers (SOLLA) and other bodies in the long term care (LTC) sector.
They argued that a 'sustainable, fair, resilient and affordable system for the long term' is required to fund care for the nation's increasingly ageing population.
The ABI and SOLLA were writing in a letter co-signed by eight other organisations including Age UK, the Joseph Rowntree Foundation and Counsel and Care.
It began by identifiying weaknesses in the present system and stated that all the co-signatories wanted to secure a sustainable funding for long term care provision in the UK.
"We are reaching crisis point and the debate has gone on long enough," it said.
"The current system is complicated, expensive and under-funded. It causes hardship and anxiety for those in need.
"The uncertainty that has resulted from years of debate and no solid settlement means that people do not know what they should be doing to save or prepare and many use all of their savings and assets to cover their care costs as a result," it added.
It continued by recognising the need for a solution involving all parties but admitted a perfect one was unrealistic.
And it highlighted the severe consequences of failing to act.
"We know that there is no perfect solution. Care will always cost money and someone has to pay for it," it continued.
"The government, charities, insurers and individuals all have a role to play, but we need some clarity on what that role should be.
"Too often the long term care question has been placed on the too difficult pile. We all agree that continuing to do nothing is not the answer.
"It would be catastrophic if the forthcoming report from the Dilnot Commission on Funding of Care and Support resulted in no action at all," it added.
The letter concluded by calling on politicians from both sides of the house to work together and produce a viable solution.
"We are willing to work with the Dilnot Commission and the government to build a sustainable, fair, resilient and affordable system for the long term," it said.
"This is an issue which affects us all. We are calling on all politicians to build consensus on a way forward and put aside party divisions.
"We must all make sure that we work together to plan, prepare and pay for the consequences of living longer, so that we can all access the care and support we may need," it concluded.
