Why are premiums swelling so much? There were several factors, but two of the more serious problems involved the predictions insurers made roughly two decades ago. Not only did they underestimate how long policyholders would live, they overestimated how many people would drop their policies, which meant insurers would not have to pay claims.

The financial pressures have left only about a dozen companies selling new coverage, down from more than 100 in the market’s heyday. For many existing policies , they’re seeking rate increases. But not all states have granted them, which Mr. White said meant policyholders in certain states are subsidizing those in others. The task force is hoping to address the unpredictability and lumpiness of these pricing shocks .

But that’s little comfort for policyholders who have already received notices for price increases. Regulators approved higher premiums on at least 84,000 policyholders at Genworth alone during the second quarter, according to a sampling of filings recently analyzed by S&P Global Market Intelligence.

Deciding whether to renew one of these policies can feel like an impossible calculation, and there’s a lot to consider. Insurers generally provide policyholders with several options in between accepting a full rate increase and canceling the policy .

“Not every company is doing the same thing in the same way and when they present these options to consumers, they are totally confused by them,” Ms. Burns said. “But they can reduce the effect of the rate increase.”

As hard as it may be to accept, it could make sense to pay the higher rate if you can still afford it. Buying a similar policy would likely cost far more now, and the same level of coverage is often not available (if you’re even still insurable). “It’s technically still a deal relative to what coverage costs today,” said Michael Kitces , director of wealth management at Pinnacle Advisory and publisher of the Nerd’s Eye View blog.

But many people won’t be able to absorb the full increase, so cutting benefits may be the next best option. That can include reducing the period for which the policy pays benefits, the daily amount of the benefit, and the inflation rate at which the daily benefit grows.