CID: Long-Term Care Rate Filing - Genworth Life Insurance Company (Individual - AARP)

Long-Term Care Rate Filing - Genworth Life Insurance Company (Individual - AARP)



Rate Request: 55.3 percent increase

Decision: Under Review

Public Comment Period: May 16 to June 4, 2017

On May 10 2017 Genworth Life Insurance requested a rate increase of 55.3 percent on individual long-term care policies sold to AARP members in Connecticut from 2007 to 2012. These policies are no longer being marketed.

There are 465 of these policies in force in Connecticut.

The company said the rate increase is needed because of worsening experience. The benefit costs far exceed what the company had originally projected when it originally priced these products.

The company said it will offer its customers several options to change benefits and keep premium costs.

If approved, the new rates will be implemented at least 60 days after the company notifies its policyholders of a price change. Under Connecticut law, long-term care premium increases of 20 percent or more must be phased in over three years or longer.


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Find the filing, brief summary and public comment section here at Health Insurance Rate Filings




Content Last Modified on 5/15/2017 1:15:34 PM