Genworth’s long term care insurance division has been around for more than 30 years and was one of the first companies to begin offering LTC back in 1974. While many things have changed over the years, Genworth remains one of the LTC market leaders with the most comprehensive standard benefits in the industry and often the lowest pricing available from all companies. More than 1,000,000 people are currently insured under Genworth LTC policies and they have paid billions of dollars in claims to date.
Substantial discounts are offered for Genworth long term care insurance policies for qualifying individuals or couples and preferred health risks. Those discounts include:
- Spouse/partner – 40% premium discount for spouses or domestic partners applying together
- Married – 25% discount if both spouses apply and only one is offered coverage
- Preferred health – Additional 10% discount for being in good health for couples, or 20% for individuals
Genworth currently offers the following plans:
Privileged Choice – an “all-in-one” comprehensive policy featuring many standard benefits that are optional with other companies
Classic Select – an “a la carte” policy to choose the benefits you want and leave out the ones you don’t. Base rates for Classic Select are lower than Privileged Choice, but adding multiple optional benefits may result in a higher cost. For the most comprehensive policy, Privileged Choice can be a better option.
Benefits include the following:
- Ages 0-79
- Monthly benefit with your choice of $1,500-12,000 in $100 increments on Privelged Choice
- Daily benefit with your choice of $50-400 daily benefit in $5 increments on Classic Select
- Benefit periods of 2, 3, 4, 5, 6, 8, 10, or unlimited years (4, 6, 8, 10, 12, 16, or 20 years for shared/joint policies)
- Compound inflation protection (3% or 5% compound, optional)
- Waiver of premium after your benefits begin
- Waiver of elimination period for home healthcare
- Survivorship benefit for a spouse
- Enhanced survivorship benefit (7 years instead of 10, optional)
- Limited pay options (10-pay or pay to age 65 both available)
- Return of Premium (10 year or graded benefit, optional)
- Restoration of Benefits (optional)
- Nonforfeiture (optional)
To get a quote for a Genworth Privileged Choice or Classic Select long term care insurance policy, please complete the short form below, give us a call at 1-800-571-2980 from 9 AM to 9 PM eastern time, or send us an e-mail at Info@terminsurancebrokers.com 24 hours a day. We can help design a long term care policy to suit your personal needs and budget and compare the cost of Genworth’s coverage with rates from other long term care insurance companies.