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Genworth Financial Launches Innovative Linked Insurance Providing 'Total Living Coverage'

Long Term Care, Life Insurance Combined in Cutting-Edge Product

RICHMOND, Va., April 27 /PRNewswire-FirstCall/ -- Genworth Life Insurance Company has launched a comprehensive insurance solution that creatively merges features of universal life insurance and long term care insurance into a single product. Genworth's "Total Living Coverage(SM)" -- or "TLC" -- helps consumers control their assets, protect their beneficiaries and have access to industry-leading long term care benefits. Genworth is a leading provider of life and long term care insurance products.

"Millions of baby boomers headed for retirement need multiple solutions to strengthen their financial safety nets," said George Zippel, president and CEO of Genworth's protection segment. "Genworth is uniquely equipped to help simplify that challenge by combining the protective powers of life and long term care insurance. Sometimes, individuals look at an insurance product and ask, 'What if I never use it?' With TLC, if the insured triggers the long term care benefit, they're covered. If they die before needing long term care, the policy pays a death benefit. And along the way, they have the flexibility to withdraw funds for unexpected emergencies. 'Total Living Coverage' truly is a fitting name for this product."

    Genworth's new offering provides these key benefits(1):

    * The policy can provide a death benefit or payment of benefits for long
      term care expenses -- or a combination of both. By choosing a single
      insurance product like TLC to meets multiple needs, customers can free
      up assets for other uses.

    * The complete return of the initial premium is another potentially
      accessible feature if the policy is terminated by the customer in the
      first 15 policy years.

    * A limited death benefit which is payable even if the entire benefit
      amount has been allocated to a customer's covered long term care
      expenses.

    * Inflation protection options to help the customer keep pace with the
      rising cost of long term care.

    * A comprehensive set of benefit options, including a lifetime coverage
      option.

Zippel noted that TLC links benefits in new ways to meet consumer needs. "For baby boomers today, the great news is that we'll live longer, more productive lives," he said. "But, as the cost of care continues to rise, this generation needs more flexible financial planning products to serve the variety of needs that their retirement years will bring."

Genworth has been in the forefront of the public policy discussion on long term care and other financial protection issues, seeking public-private solutions to help strengthen the nation's financial safety nets. Genworth's benchmark annual "cost of care" study for 2006 found that the average national cost of a private nursing-home room had risen to nearly $71,000 a year. The study is available at genworth.com. A national poll conducted on behalf of Genworth last month by Public Opinion Strategies indicated that 65 percent of Americans had made no long term care plans.

About Genworth Financial

Genworth Financial (NYSE: GNW) is a leading insurance holding company, serving the lifestyle protection, retirement income, investment and mortgage insurance needs of more than 15 million customers, with operations in 24 countries, including the U.S., Canada, Australia, the U.K. and more than a dozen other European countries. For more information, visit genworth.com.

(1) Not available in all states. Subject to certain exclusions or limitations.

SOURCE Genworth Financial

CONTACT: Neal McGarity of Genworth Financial, +1-203-708-3460