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2013
Last Updated February 20, 2013

Genworth Privileged Choice Flex 2 Changes

Change is Coming to Genworth Long Term Care Insurance

We just received official word that on April 15, 2013, Genworth Financial will be rolling out their new Genworth Privileged Choice Flex 2 Long Term Care Insurance product in virtually all states.  This new product will have some major changes and will be the biggest one-time shift in underwriting the Long Term Care Insurance has ever experienced in history.  It’s a much needed change to keep the industry healthy for the long-term. After all, the companies need to be financially sound for years to come, so improving internal processes and standards is to be expected.

 

 

Benefit Changes to Genworth Privileged Choice Flex 2

There are numerous changes, but there are three important Genworth Privileged Choice Flex 2 benefit changes to consider:

Like Life Insurance underwriting, where men pay more because they are the higher risk, women will soon pay for for Long Term Care Insurance.  Women account for around 70% of all Long Term Care Insurance claims. It is natural to see the insurance companies wanting to shift the cost more to those actually requiring the most benefits.  That fact does not make it more palatable for woman though.  For those thinking about buying Long Term Care Insurance now, the good news is that we have about two months to grandfather you into the old product.  Request your information here.

The second important change is the shift to consideration of family history in the underwriting mix.  We speculate that people who had parents with conditions like Alzheimer’s will be paying more as a result.  

Finally, the third change is a move to a required Paramed Exam, again similar to underwriting of Life Insurance.  This will gives the insurance companies the most up to date data on clients when deciding on approval or not.

Genworth Privileged Choice Flex 2 Actuarial Changes

Genworth Privileged Choice Flex 2 Benefit Changes

  • Add 4% Compound Inflation Protection
  • Other Important Changes
  • Reduce Maximum Issue Age from 79 to 75
  • Lifetime Benefit Multiplier is not available
  • Eliminate 7-Year Survivorship option
  • Apply Claims Offset on all Compound Benefit Increase Options
  • Informal Care (untrained/uncertified caregivers) available for Homemaker and Chore
  • Redefine “Couples”, eliminating relatives and restricting to two people

At LTC Tree we are “plugged into” these changes and can help you navigate them to ensure you find the best product at the best price.  As of now Genworth is the first to announce these changes, but since they are the industry’s leader the other companies are guaranteed to follow shortly.  If you’d like to learn more please fill in the form below and we will mail you quotes from Genworth and all of the other top companies.

 

Request Free Quotes Now Below

LTC Tree, the smart and easy way to shop for Long Term Care Insurance.
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1 Reviews of each company's financial stability ratings, claims experience, and size.

2 A side-by-side comparison of each company's policy features. We cover the similarities and the differences.

Price comparisons customized to suit your specific needs from top carriers such as Genworth, Transamerica, John Hancock, New York Life, National Guardian Life, Mutual of Omaha, and more.

Carriers quoted will depend on your state. Completing this form does not bind you to any insurance policy.