RICHMOND, Va., Aug 27, 2009 /PRNewswire-FirstCall via COMTEX/ -- Genworth Financial, Inc. (NYSE: GNW) today announced a new relationship with Teacher Retirement System of Texas (TRS) to provide long term care insurance to its membership. The group insurance is underwritten by Genworth Life Insurance Company (Genworth Life).
TRS is one of the largest retirement systems in the U.S. boasting more than 1.2 million members and includes all public school systems in the state. In fact, the organization asserts one out of every 20 Texans is a TRS member or retiree. Under this agreement, Genworth Life will become the underwriter of the group long term care insurance program for Public School Employees sponsored by TRS.
With 35 years of experience providing long term care coverage and more than one million policyholders, Genworth has shown a deep commitment to the long term care market. TRS selected Genworth Life because of its strong track record of paying claims and dedication to customer service. With long term care costs on the rise in Texas, TRS has made providing quality long term care coverage to members, retirees and their families a priority.
According to Genworth Financial's 2009 Cost of Care Survey conducted by CareScout, the median annual cost for a private nursing home room in a Texas averages $58,056 a year. Since typical stays can average three years, care could cost hundreds of thousands of dollars, particularly if the cost of care continues to rise. Genworth's 2009 Cost of Care Survey, which provides national, state and local long term care cost information, is available online at genworth.com/CostofCare.
"Long term care is a growing issue for our aging population. America needs to prepare now for the challenges that face us tomorrow. Planning for long term care is an important and necessary step that more Americans need to take," said Buck Stinson, president of U.S. Insurance Products at Genworth Financial.
A 2007 study from Georgetown University reports approximately 70 percent of individuals over age 65 will require at least some type of long term care services during their lifetime. Despite the need for long term care planning, most Americans still do not carry any form of coverage and fewer than two in five (37%) adults report that they have developed a plan to pay for their long term care needs according to a current brief from the National Academy of Social Insurance.
TRS' new relationship with Genworth will provide a broad portfolio of long term care planning solutions with flexible features and benefits. The product offering will include a wide range of affordable options.
"We are excited about the combined strength of TRS' membership affinity and Genworth's experience and reputation in long term care insurance," said Peter Lucas, vice president of Genworth's Group Long Term Care Insurance Business. "This relationship offers a unique opportunity to dramatically expand long term care coverage in Texas through a product and service platform designed specifically for TRS members and retirees."
The TRS group long term care insurance program will be available during the Fall enrollment period beginning September 15, 2009. Active TRS members will receive a one-time opportunity to obtain coverage with reduced underwriting during the initial enrollment period.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 global financial security company. Genworth has more than $100 billion in assets and employs approximately 6,000 people with a presence in more than 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of more than 15 million customers. Genworth operates through three segments: Retirement & Protection, US Mortgage Insurance and International. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit Genworth.com. From time to time Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of Genworth.com.
SOURCE Genworth Financial