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Insurance: What Kind and How Much?

Insurance: What Kind and How Much?

This article was originally posted on CNN Money by an author unaffiliated with Capital Investment Advisors.

If you have long-term-care insurance, get ready for sticker shock.John Hancock wants to hike premiums for the bulk of its customers by an average of 40% this year; Genworth Financial (GNW, Fortune 500) is asking for an 18% increase on some policies; and other insurers are expected to follow. Meanwhile, MetLife (MET, Fortune 500) has stopped selling the insurance altogether.   

What's going on? People are living longer and using more benefits than anticipated."Insurers miscalculated bigtime," says Cameron Truesdell, CEO of one of the largest long-term-care insurance brokerages. Rock-bottom interest rates exacerbate the problem, since insurers rely on bond income to pay claims. 

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