Special message from Dean Chambers, VP, Insurance Management
Changes to long-term care insurance (LTCI) are on the horizon. I wanted to be the first to share the details with you.
We’re repricing in-force LTCI policies beginning August 1, 2021 as Clients’ five-year premium guarantee periods end. LTCI premiums are adjustable and we regularly review our rates. We’re increasing premiums after looking at various factors, including long-term care insurance claims, interest rates, other investment returns, lapses, taxes and other expenses.
After careful consideration, we’re also closing Sun LTCI to new business on June 14, 2021. We remain committed to the long-term care insurance market through Sun Retirement Health Assist (RHA). We’re lowering the minimum weekly benefit for Sun RHA from $500 to $125 to help make it even more accessible to Clients.
I want to thank you for your support of Sun LTCI over the years. These aren’t decisions we take lightly and we’re here to support you as you work through any impact to your business.
Delivering news of a premium increase can be uncomfortable, but Clients will look to you for guidance and support as they determine how to deal with the change. We have resources to help you as you reach out to those affected and continue to seek out long-term-care insurance solutions for Clients.
Visit the webpage to learn more and get the toolkit to help you manage these changes.