Tuesday, July 12, 2016

Little Birdie Tells Me

An anonymous (but reliable) source let me know that Northwestern Mutual is contemplating its first Long Term Care insurance (LTCi) rate increase - ever - "sometime this year." Indications are that premiums on in-force plans will go up 15-22%.

The carrier's been writing LTCi for a while:

"QuietCare® was first introduced in 1998"

According to my source, they've historically had relatively higher rates than their competitors. On the other hand, their financials are among the best in the business.

Last time we looked, Northwestern held down 3rd place (out of the Top 10), with John Hancock and Genworth occupying the two top spots.

Oh, how times have changed:

That's from the 2014 survey (most recent I could find), courtesy of Highland Brokerage. I knew that the industry had changed in the past few years, but hadn't realized just how drastically.

And speaking of Long Term Care, "[o]nly 36% of Americans are saving for senior care:"

A properly structured LTC insurance policy can help fill (or eliminate) the gap.
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