Unum Group Corp. has applied for permission from all 50 states and the District of Columbia to increase long-term care insurance (LTCI) rates.
Richard McKenney, the chief financial officer at Unum, Chattanooga, Tenn. (NYSE:UNM), talked about the LTCI rate increases today during the company’s third-quarter earnings call.
The company’s Unum US units has applied for permission from all 50 states and the District of Columbia to increase rates.
The company has received approvals from 35 states and for 88% of the requested rate action, McKenney said.
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The company stopped selling individual LTCI coverage a few years ago, McKenney said.