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Unum Life Insurance Company – Individual (1992-2003)

Rate request: 4.0 percent average increase

Decision: Approved

On March 7, 2019 Unum Life Insurance Company requested an average increase of 4.0 percent on a block of business of individual long-term policies which were sold from 1992 to 2003. The range of increase is 0% to 45%.

These are no longer being marketed. There are about 320 policies in force in Connecticut.

The company said in its filing that the increase is needed due to lower than expected lapse rates, better than expected mortality, increased claim duration, and the persistent low interest rate environment. The experience on this block of business is worse than anticipated when the product was originally priced.

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 for both Connecticut and nationwide has been much higher than anticipated. As a result, the Department approved the increase requested on May 2, 2019, to be phased in over three years for those policyholders receiving an increase greater than 20%.

The new rate will take effect 60 days after the company has notified its policyholders.


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