Genworth Financial Ends Long Term Care Insurance California Sales
Last updated: February 2, 2017 at 23:15 pm
Genworth Financial will suspend individual long term care insurance sales in California as of March 21st. The move affects their older generation long term care insurance products known as the California Choice and Long Term Care Choice Partnership plans.
The combined sales of those two plans accounted for 12 percent of all Genworth’s 2012 long term care insurance sales.
The Genworth Long Term Care division is working with California insurance regulators to obtain approval of its new Privileged Choice Flex policy and hopes to have it approved soon. The Privileged Choice Flex product is scheduled to go on sale in 31 States starting April 15th. Genworth Long Term Care had planned to pull the older generation products from the market for some time. The new Privileged Choice Flex long term care policy series has an eye on the future and takes into account revised underwriting assumptions and lower interest earnings on invested assets. Genworth Financial is one of the largest sellers of long term care insurance in the nation.