Compare Genworth Long-Term Care Insurance
When it comes to long-term care insurance, there can be a significant difference between policies. Features and options can vary. Acceptable health conditions can vary. Prices and available discounts can vary (sometimes quite a lot more than you might think).
The typical long-term care insurance policy is between 40 and 50 pages of policy provisions, legal definitions, conditions and clauses. We can't attempt to cover all the details here ... and policies can vary by state. We are merely attempting to address some of the questions often asked by consumers considering long term care insurance protection.
After reading the information here, if you have questions or want to speak with a specialist, please call the Association offices at (818) 597-3227.
Or, you can click the REQUEST A QUOTE box. Complete the form. We will share your information with ONLY ONE specialist.
Genworth Long Term Care Insurance Company - Some Key Facts
Genworth Financial is a Fortune 500 insurance holding company that was spun off as a separate business from General Electric Co. in 2004. Currently, Genworth is the largest provider of long-term care insurance policies in the U.S. According to the Association's 2014 LTC Sourcebook, Genworth has some 1,235,142 policies in force which is about 17 percent of the market (NAIC, 2011 Covered lives).
In 2013 Genworth sold approximately 60,000 long term care insurance policies (AALTCI estimates). In 2014, the company will sell about 40,000 new policies. Genworth likely pays more long term care insurance claims than any other insurer.
Genworth Ratings (Always subject to change)
| A.M. Best | Standard & Poor's | Moody's |
| A | BBB+ | A3 |
Compare Costs Genworth Long Term Care Insurance
The following are merely 'snapshots' of three common situations.
Single FEMALE, Age 57 - Initial benefit = $164,000, No Inflation Growth |
||
|---|---|---|
| Genworth Priviledged Choice Flex 3 (TN) | Company B | Company C |
| $1,743 | $1,291 | $1,281 |
Single MALE, Age 57 - Initial benefit = $164,000, No Inflation Growth |
||
|---|---|---|
| Genworth Priviledged Choice Flex 3 (TN) | Company B | Company C |
| $1,267 | $809 | $855 |
Married COUPLE, Ages 61/60 - Initial benefit = $164,000 (each), No Inflation |
||
|---|---|---|
| Genworth Priviledged Choice Flex 3 (TN) | Company B | Company C |
| $2,342 | $1,826 | $2,255 |
GENWORTH DIFFERENCES - Genworth policies may offer advantages in these situations.
Competitive for younger ages. Married couples in their 40s and young 50s.
Good currently for couples in California, New York and Indiana (original Partnership states).
Those in very good health (especially at the ages specified above) tend to find the Genworth policy very competitively priced.
GENWORTH DIFFERENCES - Genworth policies may be disadvantages in these situations.
More expensive for single women.
Typically more expensive for married couples in their late 50s or older.
Tobacco users (or those with recent use) will pay up to 40% more (Genworth standard compared to Genworth's Preferred Best rates.
Diabetics will pay up to 40% more (Genworth Standard, compared to Genworth's Preferred Best rates.
DISCOUNT DIFFERENCES - Genworth policies may offer these valuable options
Shared care option - very valuable planning option for couples.
First day coverage for care at home.
You only purchase long term care insurance once. It rarely pays to switch policies. That's why it is so important to make the right decision -- to compare in order to get the best coverage for the best cost.
To speak with a knowledgeable long term care insurance specialist who can compare all the leading insurance companies, call the Association's offices at (818) 597-3227 (Monday to Friday, from 8 AM - 5 PM Pacific Time) or click on the box below and complete our no obligation Request A Quote form.
Your information goes to just ONE specialist. Click the START NOW button or CALL.
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