Genworth to suspend multi-life LTCI sales

A multi-life sales program is a kind of worksite marketing program set up in such a way that a company writes similar or identical individual insurance policies for more than one employee at the same employer. Insurers use multi-life programs in situations in which selling group products would be difficult or impossible.

Peter Paul Lucas, senior vice president for group & affinity distribution at Genworth, said via e-mail that Genworth sees the multi-life LTCI market as a niche opportunity. 

“We believe there continue to be growth opportunities,” Lucas said. “However, we don’t feel we are in a competitive position now to grow our share of that market. Our current intention is to revisit new product offerings and revised underwriting practices once our primary priorities in the individual market are delivered.”

Although Genworth is pulling back from the multi-life LTCI market, “Genworth remains committed to being a premier provider of individual long term care insurance coverage as well as offering solutions for the large employer market,” Lucas said.

See also:

• Genworth reports higher LTCI sales, profits
• Green shoots?
• Genworth Plans to Raise Some LTCI Rates 50%