John Hancock Sees Increase in Long Term Care Insurance Sales
The insurance provider John Hancock reported positive 4th quarter results for their long term care division, including an increase in sales.
John Hancock 4th Quarter Results
Manulife, better known as John Hancock in the United States, released its 4th quarter earnings recently and showed an uptick in sales of Long Term Care Insurance, indicating positive changes ahead for the company.
The company as a whole reported $138 million in net income in the 4th quarter of 2013, compared to $148 million in the same quarter of the previous year. Manulife also reported $282 million in total revenue, compared to a much higher[…]
Unum Applies for Long Term Care Insurance Rate Increases in Connecticut
A Long Term Care Insurance provider recently applied for rate increases in the state of Connecticut.
Unum
Two divisions of Unum are seeking premium hikes for certain Long Term Care Insurance policies. Provident Life and Accident Company is one of them. They are asking for an increase of 65% of certain policies sold within the state between 2003 and 2009. The rate hike will apply to 260 individual policies.
Like many other companies, Unum and its subsidiaries have been faced with the increasing cost of health care, paired with the higher than expected claims rates.
Many Long Term Care Insurance providers have been forced[…]
California Bill Would Prohibit Long Term Care Insurance Gender Based Pricing
A bill proposed in California legislature this week would eliminate gender based pricing from long term care insurance policies and prohibit companies from enacting similar pricing models in the future.
Gender Based Pricing
Assemblywoman Mariko Yamada (D- Davis) introduced AB 1553 on Tuesday, citing the current insurance pricing system as unfair discrimination.
“Gender discrimination has broad public policy implications,” Yamada said in a statement. “Women earn less than men in their lifetime and accumulate less wealth, so charging women more for the same policies is neither a fair nor effective solution to covering the industry’s costs. Pricing based on life expectancy sets[…]
Harvard Magazine on Long Term Care Insurance
A few years back, Harvard Magazine did a research article on the problem of Long Term Care and the role that Long Term Care Insurance can play in planning for care. Anyone researching the topic of LTC planning will appreciate the general overview and “third party” nature of the article.
Our Take
Darrick Wilkins and Drew Nichols discuss the article in this video, below:
Advocacy Group Challenges Long Term Care Insurance Gender Based Pricing
A women’s advocacy group filed sex discrimination complaints against four of the nation’s largest long term care insurance carriers this week.
Long Term Care Insurance Pricing Model
The National Women’s Law Center filed the complaints with the 
Office for Civil Rights at the Department of Health and Human Services on Thursday, according to a press release. The complaints claim the new gender based pricing implemented by these companies amounts to gender discrimination.
Genworth, John Hancock, Transamerica, and Mutual of Omaha each introduced gender based pricing last year. The pricing practice[…]
Why Switching Policies After a Long Term Care Insurance Rate Increase Isn’t a Smart Choice
If you are among the adult Americans who own a long term care policy, then chances are you have received notice of a long term care insurance rate increase sometime in the past few years. Like many others, you might be wondering if it’s even worth it to keep your same policy or if you should switch to a new carrier. A recent experience with a client provided a great example of just why you should stop and do your research before dropping your long term care insurance policy.
Comparing the Costs
Stephen and his wife live in New Jersey and after[…]
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