Updated February 19, 2013: The Genworth changes were just announced and can be found here.
Genworth announced in November 2012 they will be moving to a new gender based Long Term Care Insurance women based underwriting platform.
This change means they will be charging women around 40% more for the insurance. Single women are expected to get hit the hardest on this new underwriting and pricing change since they are the biggest claim risk to the insurance companies. This change is anticipated to happen with their new product roll out on April 15th, 2013. Women live longer than men and account for around 70% of all Long Term Care Insurance claims, so the actuaries have responded with these pricing changes. Since Genworth is the leader in the space, the other companies in the Long Term Care Insurance industry are also expected to follow their lead.
Long Term Care Insurance women market, prices going up?
These changes will be expected to go into effect around the start of the second quarter of 2013. On top of the new pricing Genworth is adding, they will also be more stringent in their medical underwriting process to determine whether somebody qualifies or not. We work with all the carriers and can help guide you through the changes that wil be coming to Long Term Care Insurance women market.
If you would like to learn more on the important changing for women in relation to Long Term Care Insurance, please fill in the form below or give us a call.