Genworth Privileged Choice Flex Discount Changes to take effect
Genworth Financial has announced immediate future pending pricing changes for new business applications on its industry leading long term care insurance policy, Genworth Privileged Choice Flex policy series 7052. In-force policies are NOT and will not be affected.
Specifically, Genworth will begin to reduce its Couples Discount from 40% to 20% on all Privileged Choice Flex policy series new business applications in 22 States.
Additionally, the 10% discount for being in Preferred health will no longer be available to long term care insurance applicants for Genworth Privileged Choice Flex.
The adjustment in Couples Discounts and Preferred Health discounts will start to take effect in 22 States on applications received after August 24th.
The 22 States are AL, AR,AZ, GA, HI, ID, LA, MI, MN, MO, MT, NH, NM, ND, OK, PA, RI, SD, TN, TX, WV, WI.
In 23 States the Couples discount will remain for now, while the Preferred health discount is being eliminated.
These 23 States are AK, CO, DE, DC, IL, IN & INP, IA, KS, KY, ME, MA, MS, NE, NV, NJ, NY & NYP, NC, OH, SC, UT, VA, WA, WY.
Aside from these Preferred Health and Couples discounts no longer being available, or being significantly reduced is the announcement by Genworth that Unlimited benefit periods and 10 year benefit periods will no longer be offered within Genworth Privileged Choice Flex.
The reduction of these discounts, and the elimination of 10 year and Unlimited benefit periods will start to take effect in 22 states on applications received after August 24th.
Genworth is following the lead of other underwriters-- such as John Hancock and Mass Mutual--that no longer offer Unlimited benefit periods.
Additionally, for those buyers of long term care insurance interested in 10 Pay funding options or Paid Up at 65 funding options, these short pay funding solutions will also be withdrawn for all new Privileged Choice Flex new business applications.
Currenly, Genworth underwrites approximately 40% of new long term care insurance business applications nationwide.
Purely from a pricing perspective in many of the 50 States Genworth's current Privileged Choice Flex long term care insurance rates are significantly beneath rates of its competitors, especially for couples applying together. Typically Genworth's rates are 40%-50% less than other carriers, espeicially with couples applying together.
While the new pricing will be in line compared with the marketplace, it is apparent that for many buyers considering long term care insurance today the rates available within Privileged Choice Flex today are a tremendous value that will soon be extinct.
For anyone wishing to take advantage of the Genworth Privileged Choice Flex discounts that are currently available please call us direct toll-free at 800-891-5824.
Or complete our long term care insurance quote request form. We can typically complete applications by phone in 15 minutes.
LTC Partner is an independent long term care insurance brokerage representing the leading long term care insurance companies including Genworth, John Hancock, Mass Mutual, Transamerica, Mutual of Omaha, as well as linked benefit solutions offered by Lincoln Moneyguard, Pacific Life and more.