NU Online News Service, April 21, 2004, 11:25 a.m. EDT – GE Financial, Richmond, Va., is setting up a preferred pricing underwriting category for long term care insurance purchasers.[@@]
Starting Monday, the company will offer applicants who are in good health 20% discounts on purchases of its Privileged Choice and Classic Select LTC policies.
The Classic Select policy is a basic, lower-priced policy and the Privileged Choice policy is a more flexible, higher-priced policy. Both policies cover home care and nursing home care.
In related news, GE Financial says it is trying to make the Classic Select policy more affordable by adding a 365-day elimination period in most states. The move means that consumers can hold down the cost of coverage by agreeing to spend more of their own assets on long term care before GE Financial will start paying out benefits.
GE Financial, an affiliate of General Electric Company, Fairfield, Conn., writes the LTC policies through GE Capital Life Assurance Company of New York in New York and through General Electric Capital Assurance Company in other states.