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American Capital Agency Corp. Message Board

bully4u2 1 post  |  Last Activity: Jun 1, 2016 12:48 PM Member since: Jul 28, 1999
  • Reply to

    What is the value of LTC if any?

    by anthonyp165 May 30, 2016 8:01 AM
    bully4u2 bully4u2 Jun 1, 2016 12:48 PM Flag

    In the Year 2000, my wife and I purchased a combined LTD policy from GE Capital. At the time, we were told that although there was no guarantee of future rate increases, to date, GE had NEVER increased the original policy premium. Plus, we purchased from GE because of its solid financial condition.

    Well, here it is 16 years later, and we just received notice of another premium increase. This one is a 30% increase over the current year's premium, and it is either the third or fourth increase since policy inception. What started out as an annual premium of $3,022 will increase with this year's renewal to $5,147, an increase from our original premium of 70%.

    How long do you think us policy holders can continue renewing with these kinds of rate increases? Plus, even if we renew at these high rates, there is no guarantee that Genworth will not continue these huge rate increases, or that Genworth will not file for bankruptcy, or that Genworth will unload their LTD business to some other insurer who will again stick it to the policy holders.

    We thought we had been prudent 16 years ago in providing for our potential future care needs. Now, we find ourselves between a rock and a hard place.

AGNC
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