Genworth Financial Inc. (NYSE:GNW) is giving consumers a chance to use the long-term (LTC) support services package that comes with its long-term care insurance (LTCI) policies on an a la carte basis, without having to pay for LTCI coverage.
AARP Services Inc., a for-profit arm of AARP, Washington, will be offering the basic caregiving help package to AARP members through the AARP website and also offering members access to personalized services.
All people who visit the caregiver support site will get free access to databases of LTC provider information and general LTC information.
AARP members will be able to compare providers’ Medicare quality ratings and other quality information, and they also will be able to pay extra for professionals to evaluate loved ones and to help hire care providers.
Genworth will pay AARP Services a royalty to offer the service.
The LTCI agents who sell LTCI policies written by Genworth, Richmond, Va., already sell the caregiver services along with LTCI policies.
At this point, Genworth has not developed a compensation program that would enable other agents and brokers to get paid for signing consumers up for the LTC support program, according to Buck Stinson, president of Genworth’s U.S. life products division.
Many carriers, including Genworth, now sell life and annuity products that offer extra or accelerated benefits for insureds who end up needing long-term care.
Agents who sell life and annuity products for LTC planning purposes — and many other financial advisors, including retirement planners and estate planners — might like the idea of being able to refer clients to a caregiver support service.
But, to date, most of the energy devoted to developing life-LTC and annuity-LTC hybrids has gone into determining how to write the products, Stinson said in an interview.
For agents, the question has been, “How do I a sell a combo product?” Stinson said.