NY Life Rate Increase
- Thread starter fueldude
- Start date
- 10,337
On an existing block of business?
- Thread starter
- #3
Yes. We've had our policies just over the three year mark, which was the minimum rate guarantee. My wife received the letter, however, I did not. I assume it is because we are on different billing cycles. Time shall tell.
A quick Google search shows they tried, and failed, in CT earlier this year.
A quick Google search shows they tried, and failed, in CT earlier this year.
Yes, I was told over a year ago that NYL had filed for 40% rate increases.
- 10,337
Interesting. So the LTCI mutual cookie starts to crumble.
Are they the first big mutual to ask for a rate increase on existing business?
Are they the first big mutual to ask for a rate increase on existing business?
Really. What ever happened to the "we'll just reduce all the dividends your policy will earn" statement?
- 10,337
Maybe the dividends werent enough... the OP says it is on a block of business that is just 3 years old... ??? that is really odd. It has to be due to interest rates. Maybe they forecasted for them to rise more than they have. Also, I dont think that NYL LTCI starts paying a dividend until year 3 or 5 if I remember correctly.
But why on 3 year old biz and not on older blocks of biz? The older blocks should have had the most incorrect actuarial assumptions.
- Thread starter
- #9
I don't know how old our actual block is. My wife and I bought our policies in 2010 and we're both getting the letter at renewal. I do know we bought in at the tail end of the book though.
Actual increase is 40% because we're under 50. Dividends happen on the third year-- well they are supposed to
The NYL Select Premier policy is an excellent LTC policy and its pricing for younger applicants was ridiculously low.
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