CID: Long-Term Care Rate Filing - Genworth Life Insurance Company - Individual (7035, 7037)

Long-Term Care Rate Filing - Genworth Life Insurance Company - Individual (7035, 7037)



Rate request: 48.6 percent average increase

Decision: Under Review

Public Comment Period: January 9 through January 29, 2016


On December 30, 2015 Genworth Life Insurance requested an average rate increase of 48.6 percent on a series of individual long-term care policies that were sold in Connecticut from 2002 to 2005. They are no longer being marketed.

There approximately 4,800 policies in force in Connecticut.

The company said the rate increase is needed because the benefit costs far exceed what the company had originally projected when it originally priced these products. Genworth says it has been paying benefit costs longer than expected and there are more policies in effect that what the company had anticipated.

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 60 days after policyholders have been notified. The average annual premium in Connecticut on policies with lifetime benefits would increase from approximately $3,800 to $5,800.

Under Connecticut law, long-term care premium increases of 20 percent or more must be phased in over three years or longer.


###

Find the filing, brief summary and public comment section here at Long-Term Care Insurance Rate Filing


Content Last Modified on 1/8/2016 11:35:30 AM