Life Secure (owned by Blue Cross Blue Shield of Michigan) has just announced that like the rest of the nation’s Long Term Care insurers, they will change their premium price structure for women. They have already filed the paperwork with the California Department of Insurance to update to their new policies. In fact, on June 1st they will be suspending LTC sales in California until their new policies are approved.

The premium cost for women, effective after 5/31 will be a minimum of 25% higher, even more for single women.

There is a 2 week window of opportunity, before Life Secure catches up to the other LTC companies.

The “sex” distinct pricing reflects an industry wide long term care claims history that women account for two of every three LTCi claims benefits paid. Genworth, Mutual of Omaha, Transamerica and John Hancock have already implemented a gender pricing structure.

Here is an “apples to apples” annual premium comparison for a married female age 55 for a $ 250,000 policy.

The message is clear – if you are a woman, or married to one, waiting to act is going to assure that a plan will be more expensive.

If your application reaches Life Secure prior to May 31, you will still have 4-6 weeks to think about LTC before finalizing the coverage.

If you think you want long-term care insurance, now is the time to apply!