UNUM announced its latest in-force premium increase on two of its LTC insurance blocks of business impacting policyholders in 21 states. (MO & IL have not yet approved this increase.)
Inflation option to avoid the increase:
Like any LTC insurance policy, the premium can be reduced by reducing benefits, for example, changing from a "Lifetime" benefit period to 6-years, or from 6-years to 3 years; policyholders can also reduce the amount of coverage per month.
UNUM is offering a special option with this increase:
ComfortLTC recommends most policyholders should elect the reduced, 3% inflation option.
If your health is in decline and you may file a claim soon, you may want to consider accepting the full increase.
You are not affected if:
There are state differences (a lower approved increase percentage, or increases spread out over three years). The states currently impacted are:
AK, AZ, CO, IA, KS, MI, NC, NJ, NV, NY, OH, OK, OR, SC, SD, TN, TX, UT, WI, WV, WY
Call your agent; or contact us for a personalized policy review and recommendation.
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