Maryland Partnership — New Disclosure Requirement

Maryland requires that applicants be provided with a disclosure statement about the Long-Term Care Insurance Partnership Program. “Important Disclosure Statement About the State of Maryland’s Long-Term Care Insurance Partnership Program (201304MD 10/01/17)” will meet this requirement. This point-of-sale disclosure must be provided to the applicant(s) when the application for long-term care insurance is completed. It will be provided with the Applicant Material as a “leave behind” disclosure.   Maryland Partnership — New Disclosure Requirement   #goldencareagent #genworth
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: North Dakota (Pre-PCS, PCS I, PCS II)

As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. North Dakota has now allowed the following increase: North Dakota Product Series Increase Percentage for Policies with Limited Benefit Periods Increase Percentage for Policies with Lifetime Benefit Periods Pre-PCS 18% 72.8% phased 20% / 20% / 20% compounded PCS I 72.8% phased 20% / 20% / 20% compounded 72.8% phased 20% / 20% / 20% compounded PCS II 72.8% phased 20% / 20% / 20% compounded
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: North Dakota (Privileged Choice® and Classic Select®)

As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. North Dakota has now allowed the following increase: North Dakota Product Series Increase Percentage Privileged Choice 72.8% phased 20% / 20% / 20% compounded Classic Select 72.8% phased 20% / 20% / 20% compounded     This rate increase applies to Non-AARP policies only. Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Nebraska (Privileged Choice® and Classic Select®)

As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Nebraska has now allowed the following increase: Nebraska Non-AARP Product Series Increase Percentage Privileged Choice 2.0 Privileged Choice 2.1 37.4% 20.0% Classic Select 2.0 Classic Select 2.1 37.4% 20.0%     Nebraska AARP Product Series Increase Percentage Privileged Choice 20.4% phased 15% / 4.7% compounded Classic Select 20.4% 15% / 4.7% compounded     Communications Timeline Servicing agents will receive a list of their impacted policyholders
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Iowa (Privileged Choice® and Classic Select®)

As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Iowa has now allowed the following increase: Iowa Product Series Increase Percentage Privileged Choice 17.9% Classic Select 17.9%     This rate increase applies to both AARP and Non-AARP policies. Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications. Policyholder notifications will begin November 28, 2017 and will continue throughout the
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Categories: Genworth, Industry News, and Long-Term Care.

Reminder: Genworth Simplifies Underwriting Categories for Individual Long Term Care New Business

Last year, we simplified our underwriting process. We stopped automatic blood and lab requirements for applicants under age 60 and reduced other requirements at various ages. This year, we launched our eSuite of new business tools which provides a whole new level of speed, simplicity and convenience. On November 20, 2017, to further simplify an streamline our new business process, we are reducing our four underwriting categories to two, select and Standard, with no rate changes in these categories. We will no longer offer the Preferred Best and Preferred categories on applications received at Genworth’s home office on or after
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Categories: Genworth, Industry News, and Long-Term Care.

Genworth Webinar: Thurs, Nov 16, 2017 at 11:30 AM EST / 10:30 AM CST

LTC Basics – Start selling LTCI in today’s marketplace. Join the Genworth Long Term Care wholesaling team for a 30 minute overview of traditional Long Term Care Insurance and ways to generate the LTC conversation with your clients. Thurs, Nov 16, 2017 11:30 PM Eastern / 10:30 PM Central Register using the button above. Seating is limited.   Genworth Webinar: Thurs, Nov 16, 2017 at 11:30 AM EST / 10:30 AM CST   #goldencareagent #genworth
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Categories: Genworth, Industry News, and Long-Term Care.

Genworth Financial Announces Third Quarter 2017 Results

11/02/17 Net Income Of $107 Million And Adjusted Operating Income Of $76 Million RICHMOND, Va., Nov. 2, 2017 /PRNewswire/ — Strong Insurance In Force Growth, Loss Ratio, And Capital Levels For U.S. Mortgage Insurance (MI) U.S. MI’s PMIERs1 Sufficiency Ratio At 122 Percent, In Excess Of $500 Million Above Requirements Strong Loss Ratio And Capital Levels For Canada MI Annual Review of Long Term Care Insurance (LTC) Claims Reserve Completed. No Significant Adjustments As Aggregate LTC Claim Experience In Line with Expectations. Loss Recognition And Cash Flow Testing Will Be Completed With The Fourth Quarter Financial Close Net Income2 Included
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Categories: Genworth, Industry News, and Long-Term Care.

Genworth Webinar: Wed, Nov 1, 2017 at 2 PM EDT / 1 PM CDT

The Long Term Care Ripple Effect – Uncovering trends and revealing consumer insights Join Genworth for a webinar on Wednesday, November 01, 2017 at 2:00 PM EDT / 1:00 PM CDT Hear from Gordon Saunders, Senior Brand Marketing Manager as he shares an in-depth look at the current long term care environment, the results of the Genworth 2017 Cost of Care Survey as well as additional research into the attitudes and opinions of the American public. Learn how you can use these tools and insights to help your clients plan and protect their long term care funding needs. Wed, Nov
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Categories: Genworth, Industry News, and Long-Term Care.

Simplified New Business Premium Payment Process

We have streamlined and simplified our New Business payment authorization process and form: New Form — Electronic Funds Transfer (EFT) Payment Authorization (Form #197001 08/28/17) Removal of credit card as a payment option Paper check required for Conditional Insurance Agreement Effective with applications received or policies issued after November 19, 2017, premium payments must be made using our simplified EFT Payment Authorization or a paper check. When using the new EFT Payment Authorization, we will withdraw funds to pay: the intial premium once a policy is issued and all delivery requirements are received in good order and recurring insurance premiums
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Categories: Genworth, Industry News, and Long-Term Care.