Mass Mutual to hike some LTC premiums by 77%

Move will affect 54,000 policyholders with older policies

May 16, 2018 @ 4:46 pm

By InvestmentNews

Some 54,000 holders of long-term care insurance policies issued by Mass Mutual Life Insurance face premium hikes of about 77%, according to a request the carrier has made to state regulators asking for the increase.

The company has about 72,000 LTC policyholders in total, according to a story in the Wall Street Journal, and the policyholders affected will largely be those who bought their policies several years ago.

Although the price increase sought is dramatic, Mass Mutual is not the only carrier that has sought relief as fewer policyholders than anticipated have dropped their coverage, longevity has increased and the cost of providing long-term care has mounted.

In fact, Mass Mutual had resisted raising rates on existing policyholders, the article said.

Only about a dozen carriers still sell long-term-care policies, and just 66,000 traditional policies were bought last year, according to Limra, an industry research firm.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

InvestmentNews celebrates diversity & inclusion in the financial advice business

Highlights of the Excellence in D&I Awards, showcasing the achievements of 26 individuals and firms that are moving the needle when it comes to diversity and inclusion.

Latest news & opinion

Dawn Bennett found guilty of $20 million Ponzi scheme

Jury took less than five hours to convict the former financial adviser and radio host.

10 advisory firm employee benefits you won't believe

Some advisory firms stand out for their creative efforts to keep their troops happy and engaged. Spa retreat, anyone?

Small-cap funds take a beating

For most of the year, the sector had outperformed, but that all changed last week.

SEC commissioner Stein suggests Congress address differing broker, adviser standards

She said lawmakers may have to change 'solely incidental' language that lets brokers give advice.

Social Security and the fear of missing out

How to lower expectations when clients think they're owed a bigger Social Security benefit.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print