In-Force Rate Action Announcement: New 1% Benefit Increase Option for Privileged Choice® and Classic Select® Policyholders

As part of our continued effort to provide additional coverage options to our policyholders who are facing a premium increase, we are introducing a new coverage option for eligible Privileged Choice and Classic Select policyholders to consider. Beginning on July 1, 2019, the 1% Benefit Increase Option will be available in state where it’s allowed.

The 1% Benefit Increase Option will be available for Privileged Choice and Classic Select policyholders who currently have a benefit increase option as part of their policy. If this option is selected, policyholders will retain their increased Daily Benefit Amount (DBA). The increased DBA and Total Lifetime Benefit will increase at 1% compound going forward.

Note: The 1% Benefit Increase Option may be below certain state benefit minimums for Partnership; and if selected the policy will no longer be Partnership qualified and will lose the associated asset protection.

The 1% Benefit Increase Option will be initially available in NM. Individual state availability will be noted on state rate increase bulletins.
 
Policyholders are encouraged to call Genworth’s Customer Service Team at 877-710-0817. Our team will be able to answer questions and provide policyholders with information regarding the 1% Benefit Increase Option and other ways they may be able to reduce premiums.
 

In-Force Rate Action Announcement:
New 1% Benefit Increase Option for Privileged Choice® and Classic Select® Policyholders

 

#goldencareagent
#genworth