John Hancock Life Insurance Company (USA)
We enclose the above referenced actuarial memo for your review and approval. This memo and new rate schedules will replace any previously approved by your department. These updates are associated with our Custom Care III featuring Benefit Builder policy form LTC-12 DC approved by your department on 8/9/2013, SERFF File # MULF-128871366.
We completed a comprehensive experience study this year and are reflecting new assumptions. We also found that experience on older products is deteriorating. This has led us to increase our margins and therefore rates. The submitted rates are on average approximately 15% higher than current rates for this policy series.
Subject to your approval, the new premium rates will be applied on a prospective basis upon an implementation date to be determined based on administrative readiness. It is important to note that no rate change will be imposed on existing policyholders.