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Genworth creates LTC planner site

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Genworth Financial (NYSE:GNW) has set up a new, product-agnostic information website for long-term care (LTC) planners, The LTCSource.

Genworth, a major player in the market for stand-alone long-term care insurance (LTCI) as well as for life and annuity products, is offering sections on LTCI alongside sections on the use of linked benefits products, life insurance and annuities in LTC planning.

The site also offers sections on LTC planning fundamentals and a tool that can help users decide which tools might be of interest to a particular client.

The message on the introductory page is, “It’s about more than long-term care insurance.”

“From traditional long-term care insurance and linked benefits to long-term care riders on life insurance and flexible annuity products, Genworth offers more ways to address the diverse needs of today’s families,” the company says.

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The company notes on the page that they pay $5.8 million in LTC claims every day.

In the past, some companies and advisors in the LTC planning market have said that stand-alone LTCI was the most efficient tool for protecting consumers against catastrophic LTC risk.

In recent years, insurers have been putting more emphasis on life-based LTC funding products, based on the view that the structure of those products can help issuers better manage their level of exposure to uncertainty about future investment yields and policyholder behavior.

See also: LTC policy advisory council forms