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MassMutual seeks major rate hikes on LTC policies

Massachusetts Mutual Life Insurance Co. is seeking rate increases averaging about 77% per customer on its long-term care insurance policies, The Wall Street Journal reported, citing a company spokeswoman.

MassMutual spokeswoman Laura Crisco said in an email to the news publication that the rate hikes were warranted given the growth in life expectancy, the increasing need of long-term care and the rising cost of long-term care services.

The proposed hikes would apply to about 54,000 of the insurer's 72,000 LTC policyholders, according to the report.