TIAA-CREF Life Insurance Company – Individual (1991–2004)


Rate request: 4.05 percent increase

Decision: Approved

On January 30, 2019, TIAA-CREF Life Insurance Company requested a 4.05 percent increase on a small block of business of individual long-term policies which were sold from 1991-2004 and are no longer being marketed, but are administered by the Metropolitan Life Insurance Company.

There are approximately 40 policies in force in Connecticut.

The company said in its filing that the increase is needed because over the life of these polices the expected demand for benefits and the higher cost of those benefits exceed original pricing expectations.

Unlike medical health insurance with premiums set to cover expenses incurred only during the upcoming policy year, long term care premiums are set to cover expenses that are not expected to occur until a distant date, sometimes 20 years in the future.

After an actuarial review, the Department determined that the experience on this closed block of business is worse than expected and as a result, the Department agreed that a rate increase is warranted and approved the rate increase request on April 3, 2019.

The new rates will take effect 60 days after the company has notified its customers.

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Find the filing documents here at Long-Term Care Insurance Rate Filing