Product Enhances Genworth's Long Term Care Insurance Portfolio - affordable
solution opens the market to millions of consumers
Richmond, VA (April 30, 2007)--Genworth Financial today announced the launch of the newest addition to its portfolio of long term care planning solution--Cornerstone Advantage.
Cornerstone Advantage's unique design and innovative approach help expand the long term care insurance market to a much larger consumer base and makes long term care protection a more “mainstream” insurance solution – much like auto, life and health insurance.
A groundbreaking approach to long term care insurance, Cornerstone Advantage has been designed to dramatically reduce the premium cost to a more affordable level, as low as $75 monthly, and utilizes common insurance concepts like “co-pay” and “dollar deductibles” to make the coverage easier to understand.
“One of the principal barriers to purchasing long term care insurance for many consumers has been price,” said Buck Stinson, president of Genworth Financial's Long Term Care Insurance Division. “Cornerstone Advantage helps remove those price barriers and opens the market to millions of Americans.”
“For example,” said Stinson, “with Cornerstone Advantage, a 55-year old married consumer can spend around $75 per month and still get essential long term care coverage.”
Today, out of an estimated qualified population of 83 million1 consumers, fewer than seven million2 have chosen to purchase a stand-alone long term care insurance product. Cornerstone Advantage can help further penetrate this remaining market of 76 million people by providing a price point they can manage with features they desire.
Key Product Features*
With Cornerstone Advantage, coverage is available for care at home, in an assisted living facility or in a nursing home. Discounts up to 50 percent are available for couples who submit two valid applications, even if one of the policies is not issued. Shared coverage is designed to provide survivorship and guaranteed minimum benefits. Furthermore, the product has a built-in return of premium feature, which adds value for those consumers who are concerned about paying for insurance that may not be used.
Genworth will launch in 20 states initially and expects to have Cornerstone Advantage available nationwide by early fourth quarter (pending regulatory approval). For additional information contact 888-GENWORTH or go to longtermcare.genworth.com.
About Genworth Financial
Genworth is a leading financial security company meeting the retirement, longevity and lifestyle protection, investment and mortgage insurance needs of more than 15 million customers, with a presence in more than 25 countries. For more information, visit genworth.com.
Long Term Care Insurance underwritten by Genworth Life Insurance Company, and in New York, Genworth Life Insurance Company of New York. Product availability varies by state.
*Features, benefits, riders and discounts may vary; and certain conditions and restrictions may apply. Please note that allowable expenses do not include expenses for rent or room and board in an assisted living facility. Only the applicable policy contains actual terms and conditions of coverage.
1 US Census and Internal Sources
2 LIMRA 4Q 2006 Inforce
SOURCE Genworth Financial
CONTACT: Tom Topinka, +1-804-662-2444,