Long-Term Care Rate Filing - UNUM Life Insurance Co. of America (Group)
Rate Request: 45 percent average increase
Decision: Under Review
Public Comment Period: February 11, 2014 to March 2, 2014
On February 5, 2014, UNUM Life Insurance Company of America requested an average increase of 45 percent for its group long-term care plans sold under the UNUM policy forms. The plans are no longer being marketed. Any rate change would affect renewals only. The renewals are guaranteed, meaning the company cannot refuse to renew a policy. There are 2,217 policies currently in effect in Connecticut.
The company said it sought the increase to insure that our policies remain priced at an appropriate level to meet our future claims obligations. The company stated that the new premiums would better reflect overall claims rates. In its filing the Connecticut Insurance Department, the company reported that in 2012 it was granted a 72 percent increase to be implemented over three years by its home state of Maine.
Should the Connecticut rate request be approved, it would take effect June 2015.
The company said in an effort to mitigate the impact of any potential increase it will offer its policyholders the option of reducing benefits or maintaining the premium level similar to what they were paying.
Content Last Modified on 2/10/2014 4:52:45 PM