Connecticut Rejects Unum’s Request for Long Term Care Insurance Rate Increases
The Connecticut Insurance Department has rejected a unit of Unum’s application for rate increases on certain Long Term Care Insurance policies throughout the state.
Application for Increase
UNUM Life Insurance Company of America, a unit of Unum Group Corporation, applied for a rate increase averaging 45% on their group policies in effect in Connecticut. Their original request cited the need to ensure “policies remain priced at an appropriate level to meet our future claims obligations.” Those group policies are no longer for sale, as the unit left the group Long Term Care Insurance market in 2012, but 2,217 Connecticut residents still have[…]
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[…]
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