genworth – The Brokers Network

September 20, 2018

Genworth 98% LTC Premium Increase in Florida

Over the course of four phases, Genworth will be increasing premiums by 98.1% on inforce Privileged Choice and Classic Select long-term care (LTC) policies issued in Florida. The first phase will be a 25.6% premium increase and will apply only to individual policies with issue ages of 18-70.

While this is terrible news, do not let this discourage you from recommending LTC protection to your clients. We have many plans offering LTC protection with both guaranteed premiums and guaranteed benefits. Contact us for more information on the new generation of LTC options.

May 1, 2018

Genworth Suspends LTC Sales in Florida

Brian Home, Welcome genworth, long-term care, ltc

Effective April 1, 2018, Genworth suspended sales of individual long-term care insurance in Florida. Genworth is working on innovative new products in long-term care insurance, life insurance and annuities, and, in consultation with the State of Florida, will seek to re-enter the Florida market in the future. This change will not affect existing life, annuity or long-term care policyholders.

March 16, 2017

Moody’s Downgrades Genworth

Brian Home, Welcome annuity, genworth, life, ltc

Moody’s Investors Service has downgraded the insurance financial strength (IFS) ratings of Genworth Financial’s long-term care (LTC) subsidiaries, Genworth Life Insurance Company and Genworth Life Insurance Company of New York to Ba3 from Ba2. The rating downgrade and continued review for downgrade reflects Genworth’s uncertainty related to future LTC margins, as reported in its year-end 2016 results, and the continued execution risk of the company’s plan to restructure and isolate its LTC operations from its remaining businesses. In addition, the profitability and margins of the LTC business are heavily supported by Genworth’s assumption of significant future rate increases. Despite the significant rate increases that the company has submitted and received, they remain concerned about the tail risk associated with the LTC business in GLIC.