Genworth Financial Inc. says it will raise rates 18% on two older blocks of comprehensive long term care (LTC) insurance.
The policies, no longer marketed, were sold by two Genworth subsidiaries, Genworth Life and Genworth Life of New York.
January 2011. The rate increase would take place over the next 2 to 3 years, the company says.
"It's important to note we're not raising premiums on the majority of our long term care business," says Deborah Pont, a Genworth spokeswoman.