Living Longer and Paying More

Oct 2nd, 2011

Category: Blog

Living Longer and Paying More

People are living longer, and that’s a good thing, right? Well, according to a recent Fortune Magazine article, it’s not good news for insurance companies and those who carry their long-term care policies.

According to the January 2011 story, “John Hancock wants to hike premiums for the bulk of its customers by an average of 40% this year; Genworth Financial (GNW, Fortune 500) is asking for an 18% increase on some policies; and other insurers are expected to follow. Meanwhile, MetLife (MET, Fortune 500) has stopped selling the insurance altogether.”

Why? Because people are living longer and using more benefits than their insurance companies ever anticipated.

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