Transamerica Long Term Care is realigning long-term care insurance prices and product features in response to low interest rates and recent "industry dynamics," the company says.
Transamerica LTC, based in Hurst, Texas, says it wants to increase premium rates on new LTCI business 15 percent in all states.
The company also intends to:
- Eliminate the lifetime benefit period option.
- Stop accepting 1035 exchanges into its LTC product.
- Suspend sales of limited pay options, including the single-pay, pay-to-65, 10-pay and 15-pay options.
- Reduce a discount for spouses of policyholders to 20 percent, from 30 percent.
- Reduce the preferred health discount for single applicants to 10 percent, from 15 percent.
Managers of several websites have posted copies of the Transamerica LTC notice.
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Allison Bell
Allison Bell, a senior reporter at ThinkAdvisor and BenefitsPRO, previously was an associate editor at National Underwriter Life & Health. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached through X at @Think_Allison.
