Wellness

[granddi]

Wow we got notice of a huge increase in premiums or option of greatly reducing coverage. 

[Kachina624]

Did you just have a significant birthday? 

[kaydee50]

We were always skeptical of long term care insurance and never got it.  Seemed to us there were too many loopholes in the coverage.  Hopefully, we've saved enough to take care of nursing home expenses IF we should ever need it.

[shaggygirl]

Many years ago my late husband and I bought it. At that time if husband & wife both got it and paid the premiums for 10  consecutive years their would be NO MORE premiums needing to be paid ever though you were still completely covered. I haven't looked at the contract in years and years but seem there are 3 choices of care, home care, nursing facility and I forget the other. Should really get that out and read it.

After he passed our attorney who had our wills and such connected me w/a wonderful financial advisor and both were surprised the the Genworth contract. Said we were lucky to have gotten it at a good point in time.

[Duckncover]

When you reach a certain age, they can't cancel you, they do what life insurance companies also do...just jack up your premiums to make it almost worthless to you. I just got a letter from our life insurance company and they said our premium will go up to $6k a month starting in January. That's insane.

[Icegoddess]

We got that increase this year too.  Didn't cancel it, but froze it at the current coverage.  

[Puppy Lips]

We have Genworth term life insurance on DH.  I got a notice years ago that the company was on kind of shaky ground.  I looked into switching to another company, but the premiums were outragous.  So I decided to take my chances.  Not sure when his term ends, but I don't know if we will be able to afford anything else.

[Puppy Lips]

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@Duckncover wrote:

When you reach a certain age, they can't cancel you, they do what life insurance companies also do...just jack up your premiums to make it almost worthless to you. I just got a letter from our life insurance company and they said our premium will go up to $6k a month starting in January. That's insane.

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@Duckncover $6,000 a month?????

[fthunt]

I took it out when I was about 56 - paid $2K per year - then decided this was insane.  I also heard they were on shaky ground and (may have) sold.  That's when I cancelled the policy.

I also should read some of literature they STILL send me - but try and understand all the garbled!

$6K is insane - glad I bailed out back then

[89135]

I have Genworth LTC Insurance. Had an increase that was effective 3/21. Hopefully not another one coming soon. I've had since 2008 and when I get an increase I just adjust the coverage (with the help of my agent)  and am still able to afford.