by John Darer® CLU ChFC CSSC RSP CLTC
Genworth Life Insurance Company, the leading writer of long term care insurance, has announced a new long term care policy series that represents a cut in benefits and features.According to LIMRA, 10 out of the top 20 individual writers of long-term care insurance have exited the market over the last five years.
The new Genworth series, launching July 21,2014
- Minimum issue age is now 40.
- May no longer purchase multiple individual long term care policies.
- Maximum Daily benefit $300.The top assisted living facility in CT costs almost $300 per day.Skilled nursing facility is more!
- Maximum monthly benefit $9,000
- Benefit multiplier option for 6, 8 and 10 years eliminated
- 2% compound cola added, future purchase option, formerly 5%, drops to 3%
- Added agency requirement for home health care
- Transition, Restoration and refund of premium eliminated with the new series
The cost of long term care is rising and it's not covered by health insurance. 70 percent of people over age 65 will require some type of long-term care services during their lifetime. On average, care will be required for three years. A variety of solutions are available finance the need long term care. For more information please call me at 888-325-8640
I encourage adult children to discuss long term care with their parents to protect your assets and theirs and to ensure their dignity and yours.