John Hancock is reportedly joining Genworth in seeking Premium Rate Increases for some existing Long-Term Insurance Policies. Kimberly Lankford, Kiplinger's Personal Finance, published as "Long-Term-Care Insurance Rates Are Set to Increase" at washingtonpost.com, Sunday, August 17, 2008. Where the companies have filed their Rate Increase Requests is not reported in the linked newspaper article.
For John Hancock, apparently this raise in rates for Long-Term Insurance is a first. Recommendations and suggestions are provided in the linked newspaper report, including if you currently hold a Long-Term Insurance Policy you may wish to hold on to it regardless of Premium Rate Increases, because new Policyholders face higher Premiums anyway; switching Long-Term Insurance Companies at this time is not a very attractive option.
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