Wednesday, October 12, 2011

LTCi News: GW follows JH

Sorry, couldn't resist the power of the acronym.Last year about this time, John Hancock announced a pretty hefty rate increase for many of its existing clients, as well as some new products. As we noted at the time, this was a pretty hefty jump:

"Obviously these plans were under-priced at the it is likely that a 40% rate hike would probably not even bring these plans up to today's level of LTC premiums."

A couple of months ago, our review of the latest industry figures showed that Hancock and Gewnworth continue to dominate the Long Term Care insurance (LTCi) market; now, Genworth's following Hancock's lead on the premium increase front.

From email:

"Effective November 21, 2011, Genworth will introduce Privileged Choice Flex in Ohio ... Privileged LinkChoice Flex will have roughly 9% higher premium than the current offerings."

No word yet on the fate of in-force plans.

[H/T: Chris van B]
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