Long-Term Care Insurance: The BIG Deal

The BIG Deal While everyone is talking about climate change and economic issues, no one is talking about the biggest issue facing the world today: Aging. Every day until 2030,  10,000 Baby Boomers will turn 65.1  By 2050, 1 out of every 4 people in the world will be over 65.2  And of those, more than half will need some form of long term care.3   The issue of aging don’t just affect older people. They impact everyone. We are all someone’s spouse or child, grandchild, neighbor, or friend. We all know and love someone that will need care and
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Categories: Genworth, Industry News, and Long-Term Care.

Optimize Your Clients’ Benefits

Optimize Your Clients’ Benefits with Genworth’s Shared Coverage View case study   For couples, the Shared Benefit on our enhanced Privileged Choice® Flex 3 product offers a great way to optimize their benefits. With this optional benefit, couples can combine their benefits and either spouse or partner can access those benefits when they need them. Unique to Genworth, if one of the spouses or partners uses all of the benefits, the other one will have access to half of their coverage amount even though it was already used if they have a long term care need.   Check out this
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Categories: Genworth, Industry News, and Long-Term Care.

Reminder: Guidelines for Use of Premium and Benefit Comparison Software Programs

The following guidelines apply to all premium and benefit comparison software programs, including programs marketed by StrateCision and Vital LTC, and any agent/producer-prepared comparative data. All premium quotes and illustrations that include information about Genworth* must satisfy regulatory and Genworth requirements, including using certain disclosures and other required information. In addition, because many state insurance regulators require such materials to be filed and approved, Genworth’s position has been, and continues to be, that only Company-approved software can be used to generate Genworth quotes and illustrations prepared for consumers. Company-approved software for individual long-term care insurance (LTCI) is Quote It!. An
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Montana (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. Montana has now allowed the following increases: Montana Product Series Increase Percentage for Policies with Limited Benefit Periods Increase Percentage for Policies with Lifetime Benefit Periods PCS I 4.4% 4.4% PCS II 12.4% 12.4%       This rate increase applies to Non-AARP, non-partnership policies only. Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the
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Categories: Genworth and Long-Term Care.

GoldenCare Newsletter | April 9, 2018

In this GoldenCare Newsletter Edition From GoldenCare: Guarantee Trust Life Insurance Company’s recently-launched Home Health Care product complements the Critical Cash plan so well – it’s a close comparison!   Get your apps in now through the end of May, write both policies on an individual client and DOUBLE your earnings! Get all the details in this Edition.  Good Luck! Diversify your portfolio for greater sales success! Our new training schedule is posted!  Join us for complimentary product and sales training and receive a Continuing Education Voucher for each unique event!  Voucher does not apply in KY. To register, Click Here. Our Guest
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Categories: Genworth, GoldenCare News, Guarantee Trust Life, Industry News, Long-Term Care, Mutual of Omaha (& Affiliates), Securian, and Transamerica.

In-Force Rate Action Announcement: New Stable Premium Option for Choice 1 Policyholders

To help mitigate the impact of current and future planned premium increases, we are providing an additional coverage option for most of our Choice 1 policyholders to consider when faced with a premium increase. Beginning on April 9, 2018, the new Stable Premium Option Endorsement will be available in states where it’s allowed. This option provides a guarantee that the new premium associated with the Stable Premium Option will not increase until at least 2028, along with the following specific set of benefits1: A three-year benefit period for individual policies and a six-year benefit period for shared policies. (Remember, the
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Categories: Genworth, Industry News, and Long-Term Care.

Corrected Copy: In-Force Rate Action Announcement: Maine (Pre-PCS, PCS I)

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. Maine has now allowed the following increases: Maine Product Series Increase Percentage for Policies with Limited Benefit Periods Increase Percentage for Policies with Lifetime Benefit Periods Pre-PCS 11.3% 17.8% PCS I 6.4% 26%       This rate increase applies to Non-AARP, non-partnership policies only. Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start
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Categories: Genworth and Long-Term Care.

GoldenCare Newsletter | March 26, 2018

In this GoldenCare Newsletter Edition From GoldenCare: New!! Guarantee Trust Life Insurance Company’s recently-launched Home Health Care product complements the Critical Cash plan so well – it’s a close comparison!  Now through the end of May, write both policies on an individual client and DOUBLE your earnings! Get all the details in this Edition.  Good Luck! Diversify your portfolio for greater sales success! Our new training schedule is posted!  Join us for complimentary product and sales training and receive a Continuing Education Voucher for each unique event!  Voucher does not apply in KY. Join us for an ALL NEW special expert training
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Categories: Genworth, GoldenCare News, Guarantee Trust Life, Industry News, Long-Term Care, Mutual of Omaha (& Affiliates), and Transamerica.

REMINDER: Genworth to Suspend Sales of Long Term Care Insurance in Florida

Effective April 1, 2018, Genworth will temporarily suspend sales of individual long term care insurance in Florida. Genworth is working on innovative new products in long term care insurance, life insurance and annuities, and, in consultation with the State of Florida, will seek to re-enter the Florida market in the future. This change will not affect existing policyholders.   Transition Rules In order to effect a smooth transition, please note the detailed transition rules below and remember that all licensing and continuing education requirements must be met prior to submitting new business. It is critical to follow the transition rules,
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Michigan (Pre-PCS)

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. Michigan has now allowed the following increase: Michigan Product Series Increase Percentage for Policies with Limited Benefit Periods Increase Percentage for Policies with Lifetime Benefit Periods Pre-PCS 39% 99%       This rate increase applies to Non-AARP, non-partnership policies only. 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
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Categories: Genworth and Long-Term Care.