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.
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. I did. For more information please call me at 888-325-8640