Reissues – Delivery Requirements and Delivery Period

In July 2017, we announced amendments as an additional delivery requirement to alleviate going back and forth to customers to update and initial forms. Amendments are also used when policies are reissued due to a change in benefits. When there is a change in benefits requested at policy delivery, the policy should not be accepted, delivery requirements should not be signed, and money should not be collected if premium is due. Simply notify New Business via email or phone (see below) of the change(s). We will reissue the policy with all delivery requirements needed, including an amendment for the requested
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Categories: Genworth, Industry News, and Long-Term Care.

GoldenCare Newsletter | February 12, 2018

In this GoldenCare Newsletter Edition From GoldenCare: 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. Keep an eye out for an upcoming sales training webinar event featuring a special LTC Industry Expert speaker! To reserve your seats, Click Here. Our Guest Article in this edition is “LTC Insurance Payouts Increased 6 Percent In 2017,” by Jadah Riley, Financial Advisor. Enjoy! Compliance: Holiday Telephone Solicitation Bans for the month of February. Industry Updates:
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Categories: Genworth, GoldenCare News, Guarantee Trust Life, Industry News, Long-Term Care, Minnesota Life, Mutual of Omaha (& Affiliates), National Guardian Life, and Transamerica.

Genworth Webinar: The Long Term Care Ripple Effect

The Long Term Care Ripple Effect – Uncovering trends and revealing consumer insights 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, Feb 28, 2018 3:00 PM Eastern / 2:00 PM Central Register using the button above. Seating is limited. After
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Categories: Genworth, Industry News, and Long-Term Care.

Genworth Financial Announces Fourth Quarter 2017 Results

02/06/18 Fourth Quarter Net Income $353 Million And Adjusted Operating Income $326 Million Full Year Net Income $817 Million And Adjusted Operating Income $696 Million RICHMOND, Va., Feb. 6, 2018 /PRNewswire/ — U.S. Mortgage Insurance (MI) Full Year Adjusted Operating Income Of $311 Million, Increased 24 Percent Compared To 2016 Strong Loss Ratio And Capital Levels In The Fourth Quarter For U.S. And Canada MI Net Favorable Deferred Tax Items Of $456 Million, Or $0.91 Per Diluted Share, Primarily Due To Tax Reform And Improved Business Forecasts Annual Review Of Australia MI Premium Earnings Pattern Finalized Updated Premium Recognition Pattern
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Pennsylvania (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. Pennsylvania has now allowed the following increase: Pennsylvania Product Series Increase Percentage for Policies with Limited Benefit Periods Increase Percentage for Policies with Lifetime Benefit Periods Pre-PCS 0% 10%% PCS I 7% 20% PCS II 20% 20%       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
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Michigan (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. Michigan has now allowed the following increases: Michigan Product Series Increase Percentage for Policies with Limited Benefit Periods Increase Percentage for Policies with Lifetime Benefit Periods PCS I 55% 72% PCS II 55% 72%       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, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Oklahoma (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. Oklahoma has now allowed the following increases: Oklahoma Product Series Increase Percentage Privileged Choice 10% Classic Select 10%     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 February 6, 2018 and will continue throughout the
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Maine (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. Maine has now allowed the following increase: Maine Product Series Increase Percentage Privileged Choice 11.5% Classic Select 11.5%     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 policyholder notifications. Policyholder notifications will begin February 6, 2018 and will continue throughout the next year.
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Delaware (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. Delaware has now allowed the following increases: Delaware Non-AARP Product Series Increase Percentage Privileged Choice 25% Classic Select 25%     Delaware AARP Product Series Increase Percentage Privileged Choice 20% Classic Select 20%     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 February 6, 2018
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Categories: Genworth, Industry News, and Long-Term Care.

2018 Partnership Minimum Benefit Requirements for Indiana

Each year Indiana revisits its minimum benefit requirements to qualify for its Partnership program. The Total Asset Protection for the Indiana Partnership program has increased from $353,773 in 2017 to $371,462 for 2018. The Benefit Increase Options and Daily or Monthly Minimum requirements remain unchanged as follows: Requirements 2017 2018 Minimum Total Coverage for Total Asset Protection $353,773 $371,462 Minimum Daily Benefit $115 $115 Minimum Monthly Benefit $3,500 $3,500 Benefit Increase Option age 74 and younger 5% Compound 5% Compound Benefit Increase Option age 75 and older 5% Simple 5% Simple   Indiana Partnership minimum requirements are based on effective
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Categories: Genworth, Industry News, and Long-Term Care.