Long-Term Care Rate Filing - Genworth Life Insurance Company (Individual: 2004-2012)
On August 17, 2018 Genworth Life Insurance requested a rate increase of 50.4 percent on Choice 2, Classic Select and Privileged Choice long-term care policies sold to individuals in Connecticut from 2004 to 2012. These policies are no longer being marketed.
There approximately 9,500 policies in force in Connecticut.
The company said the rate increase is needed because more policyholders than originally assumed are claiming benefits and the premiums are not sufficient to offset those expected higher claims costs.
The company said it would offer its customers several options to change benefits and keep premium costs.
After an actuarial review, the Department determined that experience on this block of business in Connecticut has been better than expected, but noted that nationwide, the experience is progressively worsening. As a result, the Department disapproved the initial rate increase request and limited the increase to 15 percent on October 24, 2018.
The new rates will be implemented at least 60 days after the company notifies its policyholders of a price change.