John Hancock Makes Adjustments to State Partnership Long Term Care Insurance Products
John Hancock has announced the discontinuation of the sale of its California Partnership Long Term Care Insurance product, effective Monday, September 16.
Strict Regulations and Low Sales in California
The company described the move as a “difficult decision” based on “continued low sales volume” and their findings “that the strategic direction of our LTC products and markets no longer synchronizes with California Partnership regulatory requirements”.
Current policyholders of California Partnership plans will not be affected by the changes, and already existing plans remain guaranteed renewable. However, the company did note that premium rates can be raised based on regulatory approval. All applications for[…]
Genworth Enacts New Underwriting Guidelines for Type 2 Diabetics
Genworth, the nation’s largest provider of long term care insurance, issued a press release today announcing a change in underwriting guidelines for their long term care insurance policy Privileged Choice Flex 2. The change affects applicants with non-insulin dependent, Type 2 Diabetes.
Underwriting Category Eligibility
According to the press release, all applicants with non-insulin dependent, Type 2 Diabetes will no longer be eligible for the “Select” underwriting category. They will now only be eligible for the “Standard” underwriting category and applicable quotes will apply for these policies. The change in underwriting guidelines only impacts applicants for Privileged Choice Flex 2 and will[…]
CalPERS Sued Over Long Term Care Insurance Rate Increases
A lawsuit was brought against CalPERS, the California Public Employees’ Retirement System, on Tuesday over the agency’s recent Long Term Care Insurance rate increases.
Retirees Bring Class Action
The class action suit against CalPERS was filed in Los Angeles Superior Court on behalf of more than 100,000 California residents. The lawsuit claims the government agency deliberately deceived consumers who purchased Long Term Care Insurance policies by assuring the premium rates would remain “reasonably priced”.
CalPERS began selling Long Term Care Insurance policies in 1995. Last fall, premium rate increases of 85% were approved for implementation in 2015. CalPERS attributed the need for rate[…]
State Farm Long Term Care Insurance Requests Rate Increase
State Farm Mutual Automobile Insurance Company recently filed for a substantial increase in rates for their Long Term Care Insurance policies in both Connecticut and Pennsylvania.
Rate revision requests were filed in mid-March for State Farm Long Term Care Insurance policies in Pennsylvania and at the end of April for policies in Connecticut.
Substantial Increase in Rates
The current average premium for State Farm Long Term Care Insurance policies has been around $1200/year in Connecticut and $1800/year in Pennsylvania. 
State Farm is requesting an average rate increase[…]
Recent Studies Show Americans Uninformed About Long Term Care Insurance
A recent study released by AP portrays a staggering lack of preparedness by Americans age 40 and up in the case of Long Term Care Insurance options.
The Rising Need for Long Term Care
Long Term Care is still one of the least popular insurance policies in the nation; only 1 in 10 seniors currently have Long Term Care Insurance. This statistic is shocking because, according to a government study for people 65 years and above, 1 in 2 Americans and 7 in 10 seniors will need Long Term Care at some point. ![long term[...]
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Genworth to Stop Selling AARP Long Term Care Insurance Branded Products
Genworth announced today that they will cease new sales of AARP Long Term Care Insurance branded products.
This cessation comes nearly 6 years after the two companies joined together to provide innovative Long Term Care Insurance products specifically for AARP members. Existing Long Term Care coverage will not be affected by the change. 
Genworth (NYSE: GNW) is a Fortune 500 company that currently holds the ranking as the largest Long Term Care Insurance provider in the nation.
In 2007, Genworth joined with AARP to provide unique Long Term Care planning tools[…]
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