...Long Term Care Insurance...
Long Term Care insurance Rate Increases -
October 2007 Update
I have personally called every company listed below. As of 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!
Allianz
(763) 765-6500
Berkshire Life Insurance Company of America
(818) 819-2468
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.
(800) 872-3044
Combined Insurance Company of America
(800) 999-2170
Cuna Mutual Life Insurance Company
(800) 356-6006
Great American Life Insurance Company
(800) 880-2745
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.
(800) 633-6752
Massachusetts Mutual Life Insurance Company
(800) 272-2216
Medamerica Insurance Company
(800) 544-0327
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.
(888) 565-3761
National States Insurance Company
(314) 878-0101
New York Life Insurance Company
(800) 224-4582
Northwestern Long Term Care Insurance Company
(800) 890-6704
Physicians Mutual Insurance Company
(800) 645-4300
Prudential Insurance Company of America
(800) 732-0416
State Farm Mutual Automobile Insurance Company
(309)766-2311 (Operator# - can only direct you to an agent)
State Life Insurance Company
(800) 428-2316
United Teacher Associates Insurance Company
(800) 880-8824
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.
CNA
Penn Treaty
Conseco
John Hancock (on the Fortis product line that they took over)
Transamerica (no longer sells LTCi)
Mutual of Omaha
Equitable Life
Continental General
Banker's Life
Provident Life and Accident
Calpers
NEWS! - September 2007
Genworth Financial has announced that it is planning to raise rates on certain policies that were sold up until 1997. Genworth is projecting that the rate increases should be somewhere between 8-12%
This may be of concern... (Article here)