Genworth Financial Inc. says it will temporarily suspend sales of long-term care insurance (LTCI) and immediate annuities through the brokerage general agency (BGA) channel, in all states, starting Monday.
Genworth announced the sales suspension Thursday, in a bulletin.
The Richmond, Virginia-based company is making the move because sales through BGAs, or independent distributors, have already fallen sharply, in part because of the company’s low credit ratings, the company said in a statement.
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Genworth will continue to sell individual LTCI policies and immediate annuities through association programs, affinity programs and other channels, the company said.
The company will also continue to sell group LTCI, and it will sell group LTCI through the same channels, the company said.
“Our commitment to helping American address the financial challenges of aging remains as strong as ever, and we look forward to bringing new products and services to market that will enable people who need care as they age live their lives as they wish, how and where they prefer to receive that care,” the company said.