CID: Long-Term Care Rate Filing - Genworth Life Insurance Company - Individual (7035-37 series)

Long-Term Care Rate Filing - Genworth Life Insurance Company - Individual (7035-37 series)


 
Rate Filing Review: 58.9 percent average increase
 
Decision: Under Review
 
Public Comment Period: October 12, 2017 to November 1, 2017

On October 10, 2017 Genworth Life Insurance requested an average rate increase of 58.9 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 about 4,700 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 $4,242 to $7,296.

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 All Current Rate Filings


Content Last Modified on 10/11/2017 4:59:48 PM