Genworth Rate Increase Survey - Please Participate

[MichaelBurton]

So, I got the notice today that the majority of the clients to whom I sold LTC insurance with Genworth will get their premiums jacked up by a whopping 50%. I'm curious to learn about the experience of other agents, here. My clients are all in Texas and were all relatively young (for LTC buyers) at the time of their purchase - mostly under 50, if I recall.

This poll will allow everyone to select more than one option to account for the likelihood that Genworth probably didn't raise the rates by 50% for all classes of policyholders. But hey, maybe so. Will be interesting to see.

Please comment as you see fit. I'm considering writing a piece on my blog about this survey; so, I would love to have as much information as possible.

 

[Mr_Ed]

So, I got the notice today that the majority of the clients to whom I sold LTC insurance with Genworth will get their premiums jacked up by a whopping 50%. I'm curious to learn about the experience of other agents, here. My clients are all in Texas and were all relatively young (for LTC buyers) at the time of their purchase - mostly under 50, if I recall.

This poll will allow everyone to select more than one option to account for the likelihood that Genworth probably didn't raise the rates by 50% for all classes of policyholders. But hey, maybe so. Will be interesting to see.

Please comment as you see fit. I'm considering writing a piece on my blog about this survey; so, I would love to have as much information as possible.

Michael,

The rate increase which TX approved at 50% was a much lower rate increase in other states.

You might want to ask the TX DOI why they approved a rate increase that was so much higher than other states approved on the exact same policy series.

sao

 

[MichaelBurton]

Michael,

The rate increase which TX approved at 50% was a much lower rate increase in other states.

You might want to ask the TX DOI why they approved a rate increase that was so much higher than other states approved on the exact same policy series.

sao

Thank you for this suggestion. I think I'll take you up on it.

 

[MichaelBurton]

Michael,

The rate increase which TX approved at 50% was a much lower rate increase in other states.

You might want to ask the TX DOI why they approved a rate increase that was so much higher than other states approved on the exact same policy series.

sao

Mr_Ed, did you participate in the poll, by the way? I just noticed that the only answers so far actually indicate higher raises than what I observed in Texas.

 

[Mr_Ed]

Mr_Ed, did you participate in the poll, by the way? I just noticed that the only answers so far actually indicate higher raises than what I observed in Texas.

I did not reply to your survey because the survey is too broad. Rate increases vary by state. They also vary by policy form. They sometimes even vary by specific ages within that policy form. Frequently they vary by the benefit choices in a particular policy form. As I may havealready mentioned that same policy form had much lower increases in many states.

 

[CALTCAgent]

So, I got the notice today that the majority of the clients to whom I sold LTC insurance with Genworth will get their premiums jacked up by a whopping 50%.

I'm curious, what is the date range that you sold these policies that received the 50% increase ?

 

[ltcadviser]

So, I got the notice today that the majority of the clients to whom I sold LTC insurance with Genworth will get their premiums jacked up by a whopping 50%. I'm curious to learn about the experience of other agents, here. My clients are all in Texas and were all relatively young (for LTC buyers) at the time of their purchase - mostly under 50, if I recall.
.

50% is nothing. Older Genworth policies were such bargains when they were initially priced that your takeaway should be that your clients received a head start. John Hancock hit my mom for 110% in rate increases so far. I wish she had bought a Genworth policy.