My LTC carrier is asking me to either pay a higher premium or reduce my benefits. What do I do?
Multiple major LTC carriers (Genworth, John Hancock, others) have requested significant premium increases on older blocks of business — sometimes 50–100%+ over multi-year periods. Each rate increase typically comes with options: pay the higher premium, reduce benefits to maintain current premium, or accept a "non-forfeiture" benefit (paid-up coverage at a reduced level). The right choice depends on your health, family longevity history, current assets, and how much you've already paid in. We model the options and walk through the math; for most clients, some benefit reduction at significant rate increases makes more sense than paying through.
- Category
- Personal Insurance
- Audience
- For existing clients
- Topic
- Personal Insurance
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