Genworth Halts Long-Term Care Insurance Sales In California

[mickeyd]

Says that even tho 12% of sales are in CA, it's suspending sales on 3/21. Better sign up ASAP if you are thinking about getting coverage. Wonder which state(s) is/are next?

Genworth Financial Inc., the provider of life insurance and mortgage guaranties, said it is suspending sales of individual long-term care coverage in California as the company works to start replacement offerings with better returns.

Genworth will stop selling the policies, which can help pay for home-health aides or nursing home stays, effective March 21, according to a statement today from the Richmond, Virginia-based company. The products being suspended in California, the most populous U.S. state, accounted for 12 percent of Genworth’s long-term care sales last year.

Genworth Halts Long-Term Care Insurance Sales In California

 

[brewer12345]

What have I been saying about this product?

 

[gerrym51]

What have I been saying about this product?

my wife and i have 2 4 year plans we bought 10 years ago from GE now Genworth.

we have never had a price increase.

ge(now genworths operandi) has usually been in most cases to come out with a newly named plan with slight differences with higher price tags.

they have never charged ridiculously low prices like many insurers and stopped selling plans or going out of business.

if your going to own a LTC policy Genworth is one of the few to buy from

 

[brewer12345]

my wife and i have 2 4 year plans we bought 10 years ago from GE now Genworth.

we have never had a price increase.

ge(now genworths operandi) has usually been in most cases to come out with a newly named plan with slight differences with higher price tags.

they have never charged ridiculously low prices like many insurers and stopped selling plans or going out of business.

if your going to own a LTC policy Genworth is one of the few to buy from

Right, right, they will never raise your rates and are a paragon of financial stability. Yep.

 

[gerrym51]

Right, right, they will never raise your rates and are a paragon of financial stability. Yep.

thats not what i said. I said IF your going to own an LTC policy they are one of the few i would purchase from.


If you don't think an LTC policy is worth the price that is a different issue

 

[pb4uski]

Right, right, they will never raise your rates and are a paragon of financial stability. Yep.

IIRC they were one of a handful of insurers that were on the ropes during the financial crisis - struggled but made it through - but in no way are a pillar of strength compared to other insurers. Not on my list of LTC candidates, though their premium quote is quite competitive.

 

[brewer12345]

IIRC they were one of a handful of insurers that were on the ropes during the financial crisis - struggled but made it through - but in no way are a pillar of strength compared to other insurers. Not on my list of LTC candidates, though their premium quote is quite competitive.

During the crash I bought some of their holding company bonds for 35 cents on the dollar.

 

[Stanley]

Right, right, they will never raise your rates and are a paragon of financial stability. Yep.

Well, I guess it is somewhat better than selling the product to people and later raising the premiums so high that people either give it up as they possibly get closer to using it, or take a reduction in the benefits that may hurt them in the future.

Either way, let the buyer beware.

 

[brewer12345]

Well, I guess it is somewhat better than selling the product to people and later raising the premiums so high that people either give it up as they possibly get closer to using it, or take a reduction in the benefits that may hurt them in the future.

Either way, let the buyer beware.

So you would rather have an insurer default than raise premiums?

 

[gerrym51]

So you would rather have an insurer default than raise premiums?

that also is not what he said. i have had genworth for over 10 years and constantly watch them their modus operandi is to repackage their plans give them a new name and raise prices then. based on my state they have done this already 3 times. they however have never raised rates for me(or the plan i;,m in and what is was called at the time)

 

[brewer12345]

that also is not what he said. i have had genworth for over 10 years and constantly watch them their modus operandi is to repackage their plans give them a new name and raise prices then. based on my state they have done this already 3 times. they however have never raised rates for me(or the plan i;,m in and what is was called at the time)

Well, much luck to you.

 

[Sarah in SC]

Boy, this isn't a surprise. These plans are just going to wind up being unsustainable. Shame really, because the rates will get jacked after people have been paying on them a long long time.