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