Long Term Care insurance Rate Increases - Update
I have personally called every company listed below. On August 6th 2007, the following companies told me that they have NOT raised rates on any of their existing Long Term Care insurance policies in any state. Kudos to these companies!
Berkshire Life Insurance Company of America
Colonial American Life Insurance Company - I've read that they have not, but I cannot confirm, as they wouldn't answer my question over the phone and they have not answered two emails I have sent them.
Combined Insurance Company of America
Cuna Mutual Life Insurance Company
Great American Life Insurance Company
Loyal American Life Insurance Company - This carrier offers some LTCi products that have specific wording in the contract, allowing very small rate increases in certain cases only. According to the representative I spoke with, he has only seen two of these policies that incurred a rate increase. One of those policies had just happened to come across his desk on the day I called, so it was fresh in his mind. The increase for that policy was only $7 per month. As with any long term care insurance policy, read the fine print to make sure you understand exaclty what circumstances could increase your premium.
Massachusetts Mutual Life Insurance Company
Medamerica Insurance Company
Metropolitan Life Insurance Company (MetLife) - MetLife has increased its rates for LTCi covering residents of two Continuing Care Retirement Communities. They have not increased rates on policies that were offered by agents to individuals or on any group LTCi that was offered by employers or associations.
New York Life Insurance Company
Northwestern Long Term Care Insurance Company
Physicians Mutual Insurance Company
Prudential Insurance Company of America
State Farm Mutual Automobile Insurance Company
(309)766-2311 (Operator# - can only direct you to an agent)
State Life Insurance Company
United Teacher Associates Insurance Company
These companies have raised their rates on existing policies in the past: I have not called these companies, but their rate increases are on record.
John Hancock (on the Fortis product line that they took over)
Transamerica (no longer sells LTCi)
Mutual of Omaha
Provident Life and Accident
National States Insurance Company ( I was informed by an LTCi agent that National did indeed raise their rates in Florida. A National States Insurance Company representative told me over the phone that they had not raised rates anywhere.) Here's their number: (314) 878-0101