By Allison Bell
Transamerica Life Insurance Company
is asking for permission to increase rates on 15 types of individual long-term care insurance (LTCI) policies 25 percent.
The company is also asking for permission to increase rates on a group LTCI
Transamerica talks about the increase requests in applications filed with the Connecticut Insurance Department.
The individual policy increases could affect holders of about 7,000 policies in Connecticut and 160,000 policies nationwide. The policyholders are now paying about $1,500 to $3,100 per year for coverage.
The policyholders have filed a total of 749 claims on the policies in Connecticut over the years, according to Dan Anderson, a Transamerica associate actuary.
The group plan has 477 coverage holders in Connecticut and about 10,000 nationwide.
Transamerica Life began selling the group coverage through the National Education Association program in Connecticut in 1997. The affected policyholders would see average yearly premium rise to $2,235, from $1,868.
Connecticut holders of the group plan coverage have filed 11 claims.
Originally published on LifeHealthPro.com