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Re: PFL 30% Rate Increase?

Posted by James G. Carrier on February 26, 19101 at 12:20:26:

In Reply to: Re: PFL 30% Rate Increase? posted by Nathan on February 12, 19101 at 07:57:59:

: I heard that it is going to be on a nursing home only product. Is Aegon going to continue marketing ltc under the PFL name? It's confusing to keep track of their different companies.

: : I understand that Aegon (PFL's parent company) is increasing rates on an earlier PFL product line/version of LTC insurance. Does anyone know what product(s) are to be affected and in what periods of time those products were sold to the public? Consumers AND agents need to know.

:: The rate increase will be rolled out nationwide and must be approved by each state insurance dept. The increase is only on the 1996 and previous policies that provide only facility coverage. All policies that provide home health care will not be affected. The reason for the rate increase is the old policies did not have premium built in to pay for assisted living facilities. Claims started coming in for these facillities and the company paid the claims. I have app. 20 companies I work with for a nation-wide brokerage network and am not affiliated with PFL in any way but feel that if a company does the morally right thing, you should be aware of it. The company will now be known as Monumental Life Insurance Company and will over the next several months be changed to Transamerica (the pyramid). I thank the providers of this site for the forum to share info-THANK YOU for a job well done!!

Follow Ups:

Re: PFL 30% Rate Increase? : : I heard that it is going to be on a nursing home only product. Is Aegon going to continue marketing ltc under the PFL name? It's confusing to keep track of their different companies. : : : I understand that Aegon (PFL's parent company) is increasing rates on an earlier PFL product line/version of LTC insurance. Does anyone know what product(s) are to be affected and in what periods of time those products were sold to the public? Consumers AND agents need to know. : :: The rate increase will be rolled out nationwide and must be approved by each state insurance dept. The increase is only on the 1996 and previous policies that provide only facility coverage. All policies that provide home health care will not be affected. The reason for the rate increase is the old policies did not have premium built in to pay for assisted living facilities. Claims started coming in for these facillities and the company paid the claims. I have app. 20 companies I work with for a nation-wide brokerage network and am not affiliated with PFL in any way but feel that if a company does the morally right thing, you should be aware of it. The company will now be known as Monumental Life Insurance Company and will over the next several months be changed to Transamerica (the pyramid). I thank the providers of this site for the forum to share info-THANK YOU for a job well done!!

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