Product to Replace Privileged Choice® Flex
Richmond, VA (April 15, 2013)–Genworth announces the launch of Privileged Choice Flex 2®, an updated version of its Privileged Choice Flex long term care insurance product originally introduced in 2011. As the new product is approved in each state, it will replace Privileged Choice Flex.
Long term care remains one of the great social issues facing Americans as they head into their retirement years. According to the Pew Research Center, 10,000 Americans turn 65 everyday.1 This trend will continue for the next 17 years. The National Clearing House for Long Term Care Information has stated that people living beyond 65 will have a 70% chance of needing long term care.2
Privileged Choice Flex 2 draws on Genworth’s long history of providing reliable long term care solutions that are designed to meet the needs of consumers.
"Genworth is an industry leader in the development of long term care insurance products," said Pat Foley, president of distribution and marketing for Genworth. "Our decades of experience have allowed us to design products and services to fit our customers’ needs across a range of budgets to help protect them and their loved ones."
Privileged Choice Flex 2 is underwritten by Genworth Life Insurance Company. The policy is not available in all states, and coverage may vary by state.
Some of the major changes in the new product include:
- Implementation of paramedical exams into the underwriting process that will require applicants to submit blood and urine samples
- An increase from two to four underwriting categories
- Implementation of a gender-based pricing structure for people applying individually
- The addition of a 4% compound inflation protection option for a total of three compound inflation choices, 3%, 4%, and 5%; other options include, 5% simple, Future Purchase Option and no inflation protection.
Rates are specially designed with couples in mind. When a qualified couple (including same sex couple) applies for and is issued coverage, they will receive lower rates than if they applied separately as individuals.
The additional inflation option will allow customers a wider spectrum of inflation protection options of 3%, 4% and 5% compound, 5% simple, Future Purchase Option or no inflation when building their plan design. Choice in inflation protection coverage can make a significant difference in the ultimate cost and coverage provided by the policy.
Other product details include:
- Issue ages to 75
- Four underwriting categories:
- Preferred Best (10% less premium then Preferred)
- Select (20% less premium than Standard)
- Privileged Care Coordination
- Caregiver Support Services
- Hospice Care
All guarantees are based on the claims paying ability of the issuing insurance company.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement -- including life insurance, long term care insurance, financial protection coverages, and independent advisor-based wealth management -- and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.
Genworth has approximately 6,300 employees and operates through three divisions: U.S. Life Insurance, which includes life insurance, long term care insurance and fixed annuities; Global Mortgage Insurance, containing U.S. Mortgage Insurance and International Mortgage Insurance segments; and the Corporate and Other division, which includes the International Protection, Wealth Management and Runoff segments. Products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, Inc., headquartered in Richmond, Virginia, traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com. From time to time, Genworth Financial, Inc. 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.
Tom Topinka 804.662.2444