Actually it isn't always an either/or choice. In our situation we were given the option of retaining our original premium payment (unchanged for the first 14 years we had the policies) in return for reduced coverage. Others who have been hit with big increases have reported they were offered similar options.It seems that once you're under contract you are pretty much stuck with either paying up or walking away from what you have paid previously. Not a place that I care to be.
The fact that the carriers can increase premiums at will is one of the reasons I have not yet purchased LTC. It seems that once you're under contract you are pretty much stuck with either paying up or walking away from what you have paid previously. Not a place that I care to be.
DW and I bought the Genworth 10 pay - 7 payments down - 3 to go - I keep waiting for a price increase - but so far so good
Genworth stopped selling 10 pays in 2012 - but I'm not positive of the date
Anyone else with a 10 pay that received a price increase?
BTW LTC was a tough decision that took a while to figure out