Genworth Life – Individual (2002-2005)
Rate request: 17.1 average percent increase
On December 16, 2019 Genworth Life Insurance requested an average rate increase of 17.1 percent on its Choice I long-term care policies sold to individuals in Connecticut from 2002 to 2005. These policies are no longer being marketed.
There approximately 4,500 policies in force in Connecticut.
The company said the rate increase is needed because as experience has emerged, it has continued to unfold unfavorably and the continued need for premium increases to offset those expected higher claims costs.
The company said it will offer its customers several options to change benefits and keep premium costs.
Upon Actuarial review, the Department approved the filing. The experience continues to be worse than anticipated for both Connecticut and nationwide policyholders.
Under Connecticut law, long-term care premium increases of 20 percent or more must be phased in over three years or longer. Genworth will implement a one time increase of 14.2% for limited benefit plans and a 19.9% increase for lifetime benefit periods.
Find the filing documents here at Long-Term Care Insurance Rate Filing