Monumental Life Insurance Company is asking Connecticut regulators for permission to increase rates on several long-term care insurance (LTCI) plans an average of 20%, and Transamerica Life Insurance Company is asking for permission to raise some LTCI rates an average of 25%
If approved, the Monumental Life rate change would affect 4,607 policies sold from 2001 to 2004 that are no longer being marketed in Connecticut, officials say. The current Monumental Life policy premiums range from about $1,460 to $1,760 per year.
The Transamerica Life change would affect 7,124 policies now in force in Connecticut. Some were sold as far back as 1992, officials say. Transamerica Life is no longer marketing those of policies in Connecticut, officials say. The Transamerica Life policyholders are paying about $1,800 to $2,700 per year for their coverage.