Genworth      Print Page    Close Window

Press Release



Genworth Strategic Partner Harley Gordon Provides Insurance Executives With Compelling New Thinking About Longevity Risks

Elder Care Expert Urges Industry to Stop Relying on Statistics to Sell Long Term Care Insurance and See the Product as a Way to Protect a Client's Financial Plan

RICHMOND, Va., Nov. 5 /PRNewswire/ -- Nationally recognized elder care attorney Harley Gordon, an important participant in Genworth Financial's recently announced strategic alliance for long term care education and training, told a group of Orlando, Florida insurance professionals this week that "a longer life span is arguably the single biggest retirement risk Americans now face."

Gordon's popular book, "How to Protect Life Savings from Catastrophic Illness," has helped consumers understand the financial consequences of long term care. But he's also been a frequent lecturer to the long-term care insurance industry, and has been critical of the focus that's been put on product rather than on planning. He had some gripping thoughts for the audience in Orlando.

"Professionals understand insurance products are in the service of protecting a plan put in place to address a client's needs," he said. "Long-term care insurance should be sold the same way. Stop selling it based on statistics that frighten people into submission and start thinking of it as a product that protects a plan for long-term care."

Gordon, speaking in Orlando as part of a 17-city tour sponsored by Genworth Financial to improve insurance professionals' understanding of long term care, made several other important points that meeting participants took note of:

  • Reasonable people understand that living a long life substantially increases the risk of chronic illness;
  • A person's chronic illness is no less a threat to his family than an unexpected death during working years; and importantly
  • Failure to discuss the consequences of requiring long term care services risks both the emotional and financial well being of a client's family.

Gordon, a founding member of the National Academy of Elder Law Attorneys, reinforced the necessity for insurance professionals to start talking to their clients about the need to establish a plan for long-term care. "Even though a chronic illness may never occur, the consequences to the client's family and finances could be so catastrophic, the subject must be discussed," he said.

Genworth Financial, a leading provider of long term care insurance for 30 years and a pioneer of the product, enlisted Gordon's expertise as part of its commitment earlier this year to accelerate its leadership position in long term care education, and bring greater awareness of long term care issues and challenges to consumers, distribution partners and public policymakers.

The Orlando meeting of insurance brokers and distributors was co-sponsored by Thrivent Financial and Genworth Financial's Long Term Care Insurance Division.

Of note, Gordon is a principal in the Corporation for Long Term Care Certification, which created the "Certified in Long-Term Care" (CLTC) designation. This important designation is endorsed and marketed by several national organizations, including the National Association of Insurance and Financial Advisors -- Association of Health Insurance Advisors (NAIFA-AHIA), and the College for Financial Planning.

As part of Gordon's strategic alliance with Genworth Financial, he will be conducting an aggressive schedule of educational workshops on long-term care planning and long term care insurance for Genworth Financial long term care insurance distribution partners across the country, including upcoming meetings in Cleveland, Philadelphia, New Orleans and eight other cities in just the fourth quarter alone. More than 50 educational "roadshows" led by Gordon are planned by Genworth in 2005.

About Genworth Financial

Genworth Financial is a leading public insurance holding company, serving the lifestyle protection, retirement income, investment and mortgage insurance needs of more than 15 million customers in 20 countries, including the U.S., Canada, Australia, the U.K. and more than a dozen European countries. Long Term Care Insurance is underwritten by General Electric Capital Assurance Company, and in New York, by GE Capital Life Assurance Company of New York. For more information, visit http://www.genworth.com.

About The CLTC (Certified in Long Term Care) Program

The CLTC program is recognized as the leading LTC training designation program in the nation, with over 8,000 graduates. For more information, visit http://www.ltc-cltc.com

SOURCE Genworth Financial

CONTACT: Media - Neal McGarity of Genworth Financial, +1-203-708-3460,
Neal.McGarity@genworth.com
Web site: http://www.genworth.com
http://www.ltc-cltc.com
(GNW)