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Genworth reaffirms commitment to long-term care insurance

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Genworth Financial Inc. is telling its agents and brokers that the company is still committed to long-term care insurance.

John Hancock Financial, a unit of Toronto-based Manulife Financial Corp. that helped build the modern long-term care insurance market, recently announced that it is suspending sales of new individual long-term care insurance policies.

Sales managers at some of the remaining writers of stand-alone long-term care insurance have been telling their producers that they still want to be in the long-term care insurance market.

Related: Mutual of Omaha stands by long-term care insurance

Brian Harrington, head of distribution for Genworth U.S. Life Insurance, noted in his own statement to producers that November is Long Term Care Awareness Month.

“It’s a great time to remind you of Genworth’s commitment to LTC insurance, and to providing solutions for this growing need,” Harrington says in the statement. “We are working hard to earn the right to more of your business and appreciate your partnership, so that together we can help more families address the financial challenges of aging.”

Each producer is “a valued partner,” Harrington writes. “Thank you for your business.”

Genworth, which is based in Richmond, Virginia, is in the process of trying to get its ordinary life and annuity units out from under the umbrella of the struggling long-term care insurance business.

Managers are trying to sell the whole company to Beijing-based China Oceanwide Holdings Group Co. Ltd.

Tom McInerney has said, repeatedly, even as the company and competitors have struggled, that private long-term care insurance issuers need to be part of the effort to prepare the world for a looming flood of people in need of long-term care services.

McInerney has said he hopes Genworth can help China Oceanwide meet China’s immense, rapidly growing need for long-term care insurance.

Insurers in the market have been struggling, in part, because of inaccurate ideas about how much policyholders use their coverage as well as from the effect of a long, deep slump in bond yields.


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