John Hancock Life Insurance USA Long Term Care Insureance, Beware of Bait and Switch by This Company. Boston, Massachusetts
I purchased a long term care policy from John Hancock 10 years ago. The younger you are when you buy one, the lower the premium. The policy does say that they can raise the premium but the agent said that rarely if ever happens. Then, 2 years ago, they raised the premium by 30%. I was not happy. They were very apologetic and said the circumstances were unforseen. Now, actuaries go to school a long time. My demographic and age group has not changed in 10 years. But now they want a 77% increase! Either I take it, lower my benefit or cancel. This after contributing over $10,000 to this policy.
It should be agaist the law. It means that my premium has doubled and I have no cofidence it will not do so again. It also means the company is either fradulent or ill trained. Either is quite a concern. Sadly, I live in the great state of Texas and the Insurance Commissioner has apparently approved this increase. I urge all consumers to avoid John Hancock Insurance. They redefine the meaning of rip off!
2 Updates & Rebuttals
Ken
Colorado,USA
This is one of the reasons I didn't take out this kind of policy some years ago...
#3Consumer Comment
Tue, March 06, 2012
"The policy does say that they can raise the premium but the agent said that rarely if ever happens."
As you've found out, it doesn't matter much what the agent says, the written policy governs.
What has happened is the amount charged for long term care has increased dramatically over the last few years and to remain viable the rates were raised.
"It should be agaist the law."
It is NOT illegal because the rate increase mirrors the cost of paying for the long term care.
It COULD be made illegal and the Texas insurance commissioner could reject it, but the company would then become insolvent and be unable to pay any claims.
NO, I DON'T work for John Hancock or any other insurance company and never have.
This information has been in the news recently.
Sorry for the dissapointment because of this, but medical/long term care charges keep skyrocketing.
Karl
Highlands Ranch,Colorado,
USA
BAIT AND SWITCH POEM...
#3Consumer Comment
Mon, March 05, 2012
was submitted at this website on March 5, 2012.
Just type in 502469 at this site to see if it is available in the consumer comments section at Ripoff Report #502469.
Thank You
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