LifeSecure Insurance Company – Individual (2014-2018)
Rate Request: 13.9 percent
Decision: Under Review
Public comment period will remain open until filing is closed
On January 8, 2021, LifeSecure Insurance Company requested an increase of 13.9 percent for a group of its individual long-term care policies.
The policies were sold in Connecticut from 2014 to 2018 and are no longer being marketed. There are approximately 77 policies currently in effect in the state.
The company said it sought the increase due to higher than anticipated future and lifetime loss ratios.
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.
The company said its policyholders will have options to change or reduce benefits in order to mitigate the impact of an increase. If approved, the new rates would be implemented in a timely fashion, in accordance with Connecticut requirements.