Genworth to Enhance Privileged Choice® Flex 3 for In-Force Policyholders in Connecticut

In July, Genworth enhanced Privileged Choice® Flex 3 (Flex 3) product in 35 states. These enhancements improve Flex 3’s competitive position and increase consumer value. On November 16, 2015, Genworth will also enhance Flex 3 in Connecticut. They will transition in-force Flex 3 policies in Connecticut to the enhanced product. Policyholders will be notified via a letter outlining specific changes to their policies. The following describes this process and what you and your clients can expect. Process Overview The transition process will begin approximately three weeks after enhanced Flex 3 product becomes available in Connecticut. Policyholders are not required to
Read More

Categories: Genworth and Long-Term Care.

Enhancements to Privileged Choice® Flex 3 and Privileged Choice® Flex 3 Partnership In Connecticut

In July, Genworth enhanced Privileged Choice® Flex 3 (Flex 3) product in 35 states. These enhancements have been approved for Genworth’s products in Connecticut on November 16, 2015. These enhancements improve Flex 3’s competitive position and increase consumer value. Enhancements for Flex 3 and Flex 3 Partnership in Connecticut: Reducing base rates as much as 10%. 1 Adding an Informal Care option for Homemaker and Chore Care. This benefit reimburses Informal Care for Homemaker and Chore Care up to 50% of the Home and Community Care Benefit. Including a Refund of Premium benefit up to age 65 at no additional
Read More

Categories: Genworth and Long-Term Care.

You don’t need an excuse to talk about long term care with clients.

But you might need some help. Long term care (LTC) can be expensive — whether at home or in a facility — and it could have a major impact on your clients’ finances. So, as their financial professional, you have every reason to bring it up. And since November is Long Term Care Awareness Month, Genworth would like to provide a little extra help for those conversations. They’ve assembled an updated collection of thought-provoking materials ready for you to use: Dispel the Myths about Long Term Care; Exposes 15 misperceptions that could be getting in your way Genworth 2015 Cost
Read More

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

Genworth Financial Announces Third Quarter 2015 Results

“RICHMOND, Va., Oct. 29, 2015 /PRNewswire/ — Genworth Financial, Inc. (NYSE: GNW) today reported results for the period ended September 30, 2015. The company reported a net loss1 of $284 million, or $0.57 per diluted share, compared with a net loss of $844 million, or $1.70 per diluted share, in the third quarter of 2014. The net loss in the quarter includes an after-tax loss of $296 million, or $0.59 per diluted share, related to a write-off of deferred acquisition costs (DAC) from the previously announced life block sale. Net operating income2 for the third quarter of 2015 was $64
Read More

Categories: Genworth.

“Genworth Falls Most in S&P 500 as CEO Says Much More Work to Do,” by Katherine Chiglinsky, Bloomberg Business

“Genworth Financial Inc., the insurer battered by losses on long-term care coverage, fell the most in the Standard & Poor’s 500 Index after Chief Executive Officer Tom McInerney said that there are limited options to simplify the company in the short term. The insurer slumped 10 percent to $4.69 at 10:59 a.m. in New York trading, extending the year’s decline to 45 percent. Genworth reported Thursday a $284 million third-quarter loss as results missed analysts’ estimates, and has faced pressure to sell more assets to free up capital.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
Read More

Categories: Genworth.

2015 Long-Term Care Solutions Sales Summit Virtual Conference

The AALTCi LTC Solutions Sales Summit takes place next week! Click the link below to find out more about attending in person or watching online. FREE – Live, online streaming video to learn the secrets from the nation’s leading experts. Tuesday, October 27, 2015  •  9:00 AM Easter Time to 5:00 PM Eastern Time Access Full Agenda & Register #goldencareagent
Read More

Categories: Genworth, Industry News, John Hancock, Life Secure, and Long-Term Care.

Reminder: Total Living Coverage® Credited Interest Rate Change

Genworth Life Insurance Company (Genworth Life) has made the decision to lower the Total Living Coverage® (TLC) credited interest rate from 3.85% to 3.60% on new policies. This change will be effective October 19, 2015. This change will not affect the TLC product available in CA, HI and NY. For Genworth’s reminder on the TLC’s credited interest rate, Click Here. #goldencareagent
Read More

Categories: Genworth and Linked Benefit/Hybrids.

Genworth Will Enhance Privileged Choice® Flex 3 In 8 Additional States

In July, Genworth Life Insurance Company (Genworth) enhanced Privileged Choice® Flex 3 (Flex 3) product in 35 states. On November 16, 2015, Genworth will begin offering the enhanced Flex 3 product in 8 additional states: Arizona, Connecticut, the District of Columbia, Delaware, Indiana, North Dakota, New Jersey, and South Dakota. The following outlines the product enhancements1: Reducing base rates as much as 10%. 2 Adding an Informal Care option for Homemaker and Chore Care. This benefit reimburses Informal Care for Homemaker and Chore Care up to 50% of the Home and Community Care Benefit. Adding the option to drop Waiver
Read More

Categories: Genworth and Long-Term Care.

State Replacement Regulations Reminder For All Insurance Products

Please remember that all states have regulations governing replacement and/or churning activity. Replacement regulations require additional paperwork to be provided to the applicant/annuitant and submitted with the application. Failure to comply with regulatory requirements will result in processing delays for you and your client(s). In addition, the Genworth companies (Genworth) have adopted and published a Replacement Policy that details the company’s position on replacement activity. To read the policy in its entirety, click the link below: State Replacement Regulations Reminder For All Insurance Products #goldencareagent
Read More

Categories: Genworth, Linked Benefit/Hybrids, and Long-Term Care.

Total Living Coverage® Credited Interest Rate Change

Genworth Life Insurance Company (Genworth Life), has made the decision to lower the Total Living Coverage® (TLC) credited interest rate from 3.85% to 3.60 on new policies. This change will be effective October 19, 2015. This change does not affect the TLC product available in CA, HI and NY. Total Living Coverage® Credited Interest Rate Change #goldencareagent
Read More

Categories: Genworth and Linked Benefit/Hybrids.