Helping More Clients Obtain Long Term care Insurance

LTC Counter Offer Program & Expanded Consideration for Certain Cancers On February 29, 2016, Genworth made underwriting enhancements to their underwriting practices that will help make long term care insurance accessible to more consumers. As a follow up to enhancements made in January (165550BL), they are expanding allowable medical conditions for certain cancers and implementing a counter offer program for qualifying conditions that would have previously been declined. Expansion of Allowable Cancer Conditions include Bladder Cancer, Breast Cancer, Prostate Cancer, and Thyroid Cancer. The Counter Offer Program includes potential coverage for the following conditions: Alcohol Dependency, Bipolar Disorder (Manic Depression),
Read More

Categories: Genworth and Long-Term Care.

Change in Hours of Operation

Genworth Call Centers to Close at 6 PM Eastern Time Effective February 29, 2016, Genworth will change our hours of operation to close at 6:00 PM Eastern Time instead of 8:00 PM Eastern. All inbound call centers will close at 6:00 PM, with the exception of the Long Term Care Insurance California Rate Action Team (8:00 PM ET) and the Long Term Care Insurance Prequalification Underwriting hotline (7:00 PM ET). If you have any questions about these changes, please contact your Genworth Sales Team. Change in Hours of Operation: Call Centers to Close at 6 PM ET #goldencareagent #Genworth
Read More

Categories: Genworth.

Genworth Receives Downgrade From Rating Services

Following the announced suspension of traditional life and annuity sales, Genworth Life Insurance Company has been downgraded by A.M. Best to B++, and by Standard & Poor’s to ‘BB’. Genworth leadership understood this could be the outcome of their restructuring, so the downgrades did not come as a complete surprise. However, Genworth is committed to the long-term care (LTC) business moving forward and their intent is to do everything in their power to work their way back to an “A” company. Genworth has made many positive underwriting changes on their long-term care insurance, and has plans to launch a new
Read More

Categories: Genworth, Industry News, and Long-Term Care.

Suspension of All Traditional Life and Fixed Annuity Sales

Suspension of All Traditional Life and Fixed Annuity Sales Effective March 7, 2016 After a review of its U.S. Life Insurance businesses, Genworth has decided to suspend sales of all our traditional life insurance and fixed annuity products, including Total Living Coverage, as of March 7, 2016, subject to applicable transition rules and required regulatory approval. Genworth has decided to direct its efforts exclusively on the market opportunity that provides the most potential for profitable growth and takes the greatest advantage of our expertise, long term care insurance experience, and competitive strength: providing solutions that address the financial challenges of
Read More

Categories: Genworth and Linked Benefit/Hybrids.

“Genworth: 3 things for agents to know,” by Allison Bell, LifeHealthPRO

“Executives at Genworth Financial Inc. (NYSE:GNW) see continuing to sell long-term care insurance (LTCI) as an important part of efforts to turn the company around. … For a look at why Genworth is sticking with LTCI, and other matters executives discussed during the conference call, read on.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Reassurance for agents, but investors may doubt hanging “efforts to turn the company around” on LTCI. Genworth: 3 things for agents to know #goldencareagent #Genworth
Read More

Categories: Genworth, Industry News, and Long-Term Care.

“Genworth suspends life insurance sales, plans restructuring,” Richmond Times-Dispatch

“Genworth said it would suspend sales of its traditional life coverage and fixed-annuity products in the first quarter of this year, so the company can focus on fixing a business unit that provides long-term care coverage.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Genworth’s LTCI struggle continues. Genworth suspends life insurance sales, plans restructuring #goldencareagent #Genworth
Read More

Categories: Genworth and Industry News.

Genworth: A Message from Anthony Vossenberg

Today, Genworth shared some news in our earnings release about important changes we are making in our product portfolio that impact many of you and many of our employees. We intend to start reaching out to distribution partners as soon as possible, but we need to ask for your patience as our first priority is addressing the impact on our employees. You will receive a bulletin late tomorrow that provides more details and includes transition rules for new applications. In the meantime, you may direct consumers to a message from David O’Leary, U.S. Life Insurance President & CEO, that is
Read More

Categories: Genworth and Life Insurance.

In-Force Rate Action Announcement: Connecticut Partnership

In March 2015, we announced that we had received approval for premium rate increases in Connecticut for certain non-partnership blocks of long term care insurance policies. We had previously received approval in Connecticut for rate increases for partnership policies as indicated in the chart within the announcement. We stopped mailings until we could update our systems to reflect new options stemming from a regulation change for Partnership policyholders. This resumes the previously announced increase from March 2015. Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications. Policyholder
Read More

Categories: Genworth and Long-Term Care.

Underwriting Enhancements for Long Term Care Insurance

On January 19, 2016, Genworth made underwriting enhancements by expanding the potential insurability for clients with certain medical conditions. This change will help improve your clients’ opportunity to qualify for long term care insurance (LTCI) and may help increase your placement rates. Upon review by their underwriting team of emerging clinical data and claims experience, Genworth has decided to expand the availability of long term care insurance for applicants with certain medical conditions and impairments. Now Available for Application Previously, the following medical conditions were automatically declined. Agents may now submit business for applicants that meet these guidelines. Applicants with
Read More

Categories: Genworth and Long-Term Care.

Helping a Client Use an HSA to Pay Long Term Care Insurance Premiums

If you have clients who own a Health Savings Account (HSA) or are eligible to open one, they may be able to use pre-tax dollars from the account to pay for all or part of their Long Term Care Insurance (LTCI) premiums. Using an HSA to pay for LTCI premiums may be an attractive option for clients who are not eligible to deduct their premiums as either a self-employed person or as unreimbursed medical expenses on their federal income tax returns. For additional details and more on using an HSA to help pay LTCi Premiums, click the links below: Helping
Read More

Categories: Genworth, Industry News, and Long-Term Care.