Underwriting Enhancements Make New Business Process Faster and Easier

Genworth continues to invest in enhancing underwriting practices that help make long term care insurance more accessible to consumers. In January and February, we enhanced underwriting with the expansion of allowable impairments and introduced a Counter Offer Program. On April 4, we will make significant changes to underwriting requirements to improve the new business experience for our sales partners and consumers. These changes will help streamline our new business process and make doing business with Genworth faster and easier. On April 4, Genworth will make the following improvements: Reducing Use of Examiner Reports and Labs Examiner reports and labs will
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Categories: Genworth and Long-Term Care.

Genworth Contact Information: In Force Traditional Life & Fixed Annuity

Contact Information; Where to Call for Questions On In Force Traditional Life Insurance and Fixed Annuity Business While Genworth has suspended sales of traditional life insurance and fixed annuities, we will continue to provide service for our 2.8 million existing life insurance and annuity policy and contract holders. Existing customers and their benefits will not be impacted by this change, and Genworth’s commitment to them remains as strong as ever. We wanted to provide you with the most current contact information and remind you of the availability of information on our website, Genworth Pro. The following information can be accessed
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Categories: Genworth.

“Genworth Agrees to Pay $219 Million to Settle Securities Suit,” by Maria Armental, Wall Street Journal

“Genworth Financial Inc. GNW 4.48 % agreed to pay $219 million to settle a class-action lawsuit that alleged investors had been misled about the profitability of Genworth’s core business. The proposed settlement, which doesn’t admit wrongdoing, is subject to court approval. A jury trial had been set to begin in May, according to court documents.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Trials or tribulations. Genworth Agrees to Pay $219 Million to Settle Securities Suit #goldencareagent #Genworth
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Categories: Genworth, Industry News, and Long-Term Care.

Good News! Helping More Clients Obtain Long Term Care Insurance

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), Cardiomyopathy, Coronary Disease, Diabetes Type 2, Rheumatoid Arthritis, and Spinal
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Categories: Genworth, GoldenCare News, Industry News, and Long-Term Care.

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),
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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
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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
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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
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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
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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
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Categories: Genworth and Industry News.