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Retirement
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Created 25 Jan 2023
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![Terry Koplan, 69, is a retired insurance agent living outside LA. Thirteen years ago, he purchased a Mass Mutual policy for himself and his wife Claire, 64. With premiums of around $4,000 a year, it originally provided a daily benefit of $150 after a 90-day waiting period. He paid for an inflation rider that insured the benefit would grow 5% a year – and it had, bringing the daily benefit to $270 in 2021. And unlike many policies that only pay benefits for a certain number of years, this one was unlimited. <br />
<br />
“Our last year’s premium was $4776. Mass Mutual sent us a renewal letter letting us know that our [2022] would be $6,886 and what is totally shocking is that they told us that our premium in 2023 will be $9,928 and in 2024 it will be $14,315,” he wrote. The Koplans, who are in good health and have never made a claim, were given several options if they wanted to keep a lower premium: limit the benefit period, drop the inflation rider, shrink the maximum daily benefit, or extend the waiting period. If none of those options appealed, they could cash out for 25% of the total premiums they’ve paid in. “I feel like I have been completely cheated,” Koplan said. “They’re taking the gravy money they’ve had for the first 10 years and saying we’ll give you a little back if you want to drop out.” Photo by Lauren Justice for AARP](https://www.laurenjustice.com/img-get2/I00002fBEuNsaj50/fit=180x180/fill=/g=G0000fQyzd3L6NTI/I00002fBEuNsaj50.jpg)
![Terry Koplan, 69, is a retired insurance agent living outside LA. Thirteen years ago, he purchased a Mass Mutual policy for himself and his wife Claire, 64. With premiums of around $4,000 a year, it originally provided a daily benefit of $150 after a 90-day waiting period. He paid for an inflation rider that insured the benefit would grow 5% a year – and it had, bringing the daily benefit to $270 in 2021. And unlike many policies that only pay benefits for a certain number of years, this one was unlimited. <br />
<br />
“Our last year’s premium was $4776. Mass Mutual sent us a renewal letter letting us know that our [2022] would be $6,886 and what is totally shocking is that they told us that our premium in 2023 will be $9,928 and in 2024 it will be $14,315,” he wrote. The Koplans, who are in good health and have never made a claim, were given several options if they wanted to keep a lower premium: limit the benefit period, drop the inflation rider, shrink the maximum daily benefit, or extend the waiting period. If none of those options appealed, they could cash out for 25% of the total premiums they’ve paid in. “I feel like I have been completely cheated,” Koplan said. “They’re taking the gravy money they’ve had for the first 10 years and saying we’ll give you a little back if you want to drop out.” Photo by Lauren Justice for AARP](https://www.laurenjustice.com/img-get2/I0000aFNc9e481DE/fit=180x180/fill=/g=G0000fQyzd3L6NTI/I0000aFNc9e481DE.jpg)
![Terry Koplan, 69, is a retired insurance agent living outside LA. Thirteen years ago, he purchased a Mass Mutual policy for himself and his wife Claire, 64. With premiums of around $4,000 a year, it originally provided a daily benefit of $150 after a 90-day waiting period. He paid for an inflation rider that insured the benefit would grow 5% a year – and it had, bringing the daily benefit to $270 in 2021. And unlike many policies that only pay benefits for a certain number of years, this one was unlimited. <br />
<br />
“Our last year’s premium was $4776. Mass Mutual sent us a renewal letter letting us know that our [2022] would be $6,886 and what is totally shocking is that they told us that our premium in 2023 will be $9,928 and in 2024 it will be $14,315,” he wrote. The Koplans, who are in good health and have never made a claim, were given several options if they wanted to keep a lower premium: limit the benefit period, drop the inflation rider, shrink the maximum daily benefit, or extend the waiting period. If none of those options appealed, they could cash out for 25% of the total premiums they’ve paid in. “I feel like I have been completely cheated,” Koplan said. “They’re taking the gravy money they’ve had for the first 10 years and saying we’ll give you a little back if you want to drop out.” Photo by Lauren Justice for AARP](https://www.laurenjustice.com/img-get2/I0000_ZV5w8RraJs/fit=180x180/fill=/g=G0000fQyzd3L6NTI/I0000_ZV5w8RraJs.jpg)
![Terry Koplan, 69, is a retired insurance agent living outside LA. Thirteen years ago, he purchased a Mass Mutual policy for himself and his wife Claire, 64. With premiums of around $4,000 a year, it originally provided a daily benefit of $150 after a 90-day waiting period. He paid for an inflation rider that insured the benefit would grow 5% a year – and it had, bringing the daily benefit to $270 in 2021. And unlike many policies that only pay benefits for a certain number of years, this one was unlimited. <br />
<br />
“Our last year’s premium was $4776. Mass Mutual sent us a renewal letter letting us know that our [2022] would be $6,886 and what is totally shocking is that they told us that our premium in 2023 will be $9,928 and in 2024 it will be $14,315,” he wrote. The Koplans, who are in good health and have never made a claim, were given several options if they wanted to keep a lower premium: limit the benefit period, drop the inflation rider, shrink the maximum daily benefit, or extend the waiting period. If none of those options appealed, they could cash out for 25% of the total premiums they’ve paid in. “I feel like I have been completely cheated,” Koplan said. “They’re taking the gravy money they’ve had for the first 10 years and saying we’ll give you a little back if you want to drop out.” Photo by Lauren Justice for AARP](https://www.laurenjustice.com/img-get2/I0000qMJmwit.S4U/fit=180x180/fill=/g=G0000fQyzd3L6NTI/I0000qMJmwit.S4U.jpg)
![Terry Koplan, 69, is a retired insurance agent living outside LA. Thirteen years ago, he purchased a Mass Mutual policy for himself and his wife Claire, 64. With premiums of around $4,000 a year, it originally provided a daily benefit of $150 after a 90-day waiting period. He paid for an inflation rider that insured the benefit would grow 5% a year – and it had, bringing the daily benefit to $270 in 2021. And unlike many policies that only pay benefits for a certain number of years, this one was unlimited. <br />
<br />
“Our last year’s premium was $4776. Mass Mutual sent us a renewal letter letting us know that our [2022] would be $6,886 and what is totally shocking is that they told us that our premium in 2023 will be $9,928 and in 2024 it will be $14,315,” he wrote. The Koplans, who are in good health and have never made a claim, were given several options if they wanted to keep a lower premium: limit the benefit period, drop the inflation rider, shrink the maximum daily benefit, or extend the waiting period. If none of those options appealed, they could cash out for 25% of the total premiums they’ve paid in. “I feel like I have been completely cheated,” Koplan said. “They’re taking the gravy money they’ve had for the first 10 years and saying we’ll give you a little back if you want to drop out.” Photo by Lauren Justice for AARP](https://www.laurenjustice.com/img-get2/I0000LRIr3pGO2uc/fit=180x180/fill=/g=G0000fQyzd3L6NTI/I0000LRIr3pGO2uc.jpg)
![Terry Koplan, 69, is a retired insurance agent living outside LA. Thirteen years ago, he purchased a Mass Mutual policy for himself and his wife Claire, 64. With premiums of around $4,000 a year, it originally provided a daily benefit of $150 after a 90-day waiting period. He paid for an inflation rider that insured the benefit would grow 5% a year – and it had, bringing the daily benefit to $270 in 2021. And unlike many policies that only pay benefits for a certain number of years, this one was unlimited. <br />
<br />
“Our last year’s premium was $4776. Mass Mutual sent us a renewal letter letting us know that our [2022] would be $6,886 and what is totally shocking is that they told us that our premium in 2023 will be $9,928 and in 2024 it will be $14,315,” he wrote. The Koplans, who are in good health and have never made a claim, were given several options if they wanted to keep a lower premium: limit the benefit period, drop the inflation rider, shrink the maximum daily benefit, or extend the waiting period. If none of those options appealed, they could cash out for 25% of the total premiums they’ve paid in. “I feel like I have been completely cheated,” Koplan said. “They’re taking the gravy money they’ve had for the first 10 years and saying we’ll give you a little back if you want to drop out.” Photo by Lauren Justice for AARP](https://www.laurenjustice.com/img-get2/I0000cQMK4SrKy.E/fit=180x180/fill=/g=G0000fQyzd3L6NTI/I0000cQMK4SrKy.E.jpg)
![Terry Koplan, 69, is a retired insurance agent living outside LA. Thirteen years ago, he purchased a Mass Mutual policy for himself and his wife Claire, 64. With premiums of around $4,000 a year, it originally provided a daily benefit of $150 after a 90-day waiting period. He paid for an inflation rider that insured the benefit would grow 5% a year – and it had, bringing the daily benefit to $270 in 2021. And unlike many policies that only pay benefits for a certain number of years, this one was unlimited. <br />
<br />
“Our last year’s premium was $4776. Mass Mutual sent us a renewal letter letting us know that our [2022] would be $6,886 and what is totally shocking is that they told us that our premium in 2023 will be $9,928 and in 2024 it will be $14,315,” he wrote. The Koplans, who are in good health and have never made a claim, were given several options if they wanted to keep a lower premium: limit the benefit period, drop the inflation rider, shrink the maximum daily benefit, or extend the waiting period. If none of those options appealed, they could cash out for 25% of the total premiums they’ve paid in. “I feel like I have been completely cheated,” Koplan said. “They’re taking the gravy money they’ve had for the first 10 years and saying we’ll give you a little back if you want to drop out.” Photo by Lauren Justice for AARP](https://www.laurenjustice.com/img-get2/I0000XNQHVEeAFpo/fit=180x180/fill=/g=G0000fQyzd3L6NTI/I0000XNQHVEeAFpo.jpg)
![Terry Koplan, 69, is a retired insurance agent living outside LA. Thirteen years ago, he purchased a Mass Mutual policy for himself and his wife Claire, 64. With premiums of around $4,000 a year, it originally provided a daily benefit of $150 after a 90-day waiting period. He paid for an inflation rider that insured the benefit would grow 5% a year – and it had, bringing the daily benefit to $270 in 2021. And unlike many policies that only pay benefits for a certain number of years, this one was unlimited. <br />
<br />
“Our last year’s premium was $4776. Mass Mutual sent us a renewal letter letting us know that our [2022] would be $6,886 and what is totally shocking is that they told us that our premium in 2023 will be $9,928 and in 2024 it will be $14,315,” he wrote. The Koplans, who are in good health and have never made a claim, were given several options if they wanted to keep a lower premium: limit the benefit period, drop the inflation rider, shrink the maximum daily benefit, or extend the waiting period. If none of those options appealed, they could cash out for 25% of the total premiums they’ve paid in. “I feel like I have been completely cheated,” Koplan said. “They’re taking the gravy money they’ve had for the first 10 years and saying we’ll give you a little back if you want to drop out.” Photo by Lauren Justice for AARP](https://www.laurenjustice.com/img-get2/I0000rMtxl65mXuk/fit=180x180/fill=/g=G0000fQyzd3L6NTI/I0000rMtxl65mXuk.jpg)
![Terry Koplan, 69, is a retired insurance agent living outside LA. Thirteen years ago, he purchased a Mass Mutual policy for himself and his wife Claire, 64. With premiums of around $4,000 a year, it originally provided a daily benefit of $150 after a 90-day waiting period. He paid for an inflation rider that insured the benefit would grow 5% a year – and it had, bringing the daily benefit to $270 in 2021. And unlike many policies that only pay benefits for a certain number of years, this one was unlimited. <br />
<br />
“Our last year’s premium was $4776. Mass Mutual sent us a renewal letter letting us know that our [2022] would be $6,886 and what is totally shocking is that they told us that our premium in 2023 will be $9,928 and in 2024 it will be $14,315,” he wrote. The Koplans, who are in good health and have never made a claim, were given several options if they wanted to keep a lower premium: limit the benefit period, drop the inflation rider, shrink the maximum daily benefit, or extend the waiting period. If none of those options appealed, they could cash out for 25% of the total premiums they’ve paid in. “I feel like I have been completely cheated,” Koplan said. “They’re taking the gravy money they’ve had for the first 10 years and saying we’ll give you a little back if you want to drop out.” Photo by Lauren Justice for AARP](https://www.laurenjustice.com/img-get2/I0000_oigDRI_FI4/fit=180x180/fill=/g=G0000fQyzd3L6NTI/I0000_oigDRI_FI4.jpg)