Sucks! I have a NYS partnership policy with Hancock. I went with them because they had a track record and never raised rates. They have to get approval for rate changes and can only do it for an entire class (not sure how a class is defined). I saw that Hancock had applied a couple of years ago and I've been watching for it. Mine didn't change last November, I was hoping I wasn't in the class.
This is the first I've heard of the alternative to reduce the COLA percentage. In fairness, that may be reasonable since 5%/yr is a little stiff in today's environment. I'll probably have to do that. I have one of the original Partnership plans that protects 100% assets after 3 years. So, worst case, I'd have to pay a bit more out-of-pocket if I used it.
Still, it's aggravating that "legal agreements" are always so one-sided. It's like the fine print changes I get from the banks and credit card companies all the time. Those contracts you originally agreed to mean you follow the rules and they do whatever the please.
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