John Hancock Financial Services says it has filed requests for rate increases for some of the long term care insurance policies it has originated.
Most of the policies affected were sold in the 1990s.
Hancock, Boston, a unit of Manulife Financial Corp., Toronto, has increased rates on policies in a block of closed business that purchased from Fortis, Brussels, in 2000, but the proposed rate increases are the first Hancock has requested for older policies that Hancock itself wrote.
The policies involved were sold in all 50 states.
If approved, the rate increases would average 14%. Rates on policies Hancock sold in the 1990s would increase 13%, and rates on the Fortis policies would increase 18%.
Hancock says it cannot make an adequate profit on the policies at existing rates because of low policy lapse rates.