Genworth Long Term Care Insurance Products

The latest Genworth Long Term Care Insurance product offering is called Genworth Privileged Choice Flex.  Privileged Choice Flex may be a perfect fit for many Long Term Care Insurance consumers, but the conventional advice of shopping around is still in play.   The fact of the matter is, there are good LTCI products from all of the major blue chip carriers, and we are happy to help compare.  Many consumers are unfamiliar with Genworth Life, which traces its roots back to the Life Insurance Company of Virginia in 1871.  Their Long Term Care Insurance products roots trace back to:

The History of Genworth Financial’s Long Term Care Insurance products

  • 1974 Fireman’s Fund Life pioneer the Long Term Care Insurance Industry
  • 1985 Fireman’s Fund becomes a subsidiary of AMEX Life Assurance Company
  • 1986 Fireman’s Fund Life renamed AMEX Life Assurance Company
  • 1995 GE Capital acquires AMEX Life Assurance Company
  • 1996 AMEX Life renamed General Electric Capital Assurance Company Long Term Care Insurance Division
  • 2004 General Electric Capital Assurance Company Long Term Care Insurance Division becomes part of Genworth Financial and Genworth Long Term Care Insurance is created

Privileged Choice Flex: Features

Live+Well – New in 2011.  One innovative feature included with the plan is Live+Well, a joint effort between Genworth Long Term Care Insurance and the Mayo Clinic.  As the product is rolled out, we will have more details.

Privileged Choice Flex will also include some 50% Shared Care options.  See our complete guide to Long Term Care Insurance Riders for more information on how these work, in general.  Shared Care is a popular option, but may not be for all policyholders, particularly due to the cost of the rider and the added coverage you could find elsewhere in a plan with the same premium dollar.

The optional Transition Benefit with Privileged Choice Flex will provide policyholders with a cash option during the first days of need for Long Term Care.  With these types of options, we find that most clients prefer to self insure the upfront costs and buy a policy that covers the more risky longer-term stays.  After all, insurance is designed for catastrophic events that would otherwise stress your own liquid assets.  If you can handle the first 90 days of care, buying insurance for that may not make sense, because there’s always that chance you never use the coverage anyway.  So finding that balance can be key.

Next Steps: Evaluating Genworth Long Term Care Insurance Privileged Choice Flex

Are you getting your money’s worth with Genworth Long Term Care Insurance Privileged Choice Flex?

If you are in the market for Long Term Care Insurance, and if you are looking at Genworth Privileged Choice Flex, it is very important, and highly recommended by financial gurus and advisors, to check around with many different carriers.  You may request quotes below and one of our independent agents (and just one, by the way) will provide you a side-by-side comparison of Privileged Choice Flex as well as 6+ other top insurance plans. Comparing your options is important and we will help you compare with no sales meeting.  Fill in the form below.