Genworth Launches The LTC Source

Richmond, Va. (Nov.4, 2015) – The impact of a long term care event on a client’s well-planned retirement can be devastating.  Fortunately, more products are available today than ever before to help protect clients’ retirement from a long term care event. The challenge for financial professionals becomes, how do you know which is an appropriate solution for your client?

Genworth, a leader in long term care insurance, has launched a new online resource to help financial professionals help their clients understand how different types of insurance products can meet their varied needs. Genworth’s The LTC Source^SM offers educational training, sales and marketing information for financial professionals of all experience levels.

The centerpiece of the site is a Solution Selector tool that helps financial professionals quickly determine possible long term care funding solutions by answering a few simple questions about their client’s needs.  Those needs may range from concerns about the financial risks of long term care and outliving their income in retirement to providing a death benefit for their loved ones. So the solutions range from traditional, stand-alone long term care insurance to life insurance products with long term care riders and flexible annuities with features that can provide more income when confined to a medical care facility.

Genworth’s Let’s Talk research[1] shows that 57 percent of consumers have not talked to anyone about the potential need for long term care, despite the fact that at least 70 percent of people over 65 will need long term care services and support at some point.[2]

“Financial professionals are in an ideal position to start that conversation and propose a solution,” said Lou Hensley, chief commercial officer of Genworth’s U.S. Life Insurance division. “Our goal with The LTC Source is to provide the education, tools and support necessary to help financial professionals – whether they're just starting to learn about long term care insurance or are seasoned pros – ignite a conversation about long term care planning and better counsel their clients on the role these products can play to help them achieve their financial goals."

Genworth’s U.S. Life Insurance companies offers multiple solutions that can help fund long term care and other financial needs:

• Privileged Choice^® Flex products, traditional long term care insurance policies
• Total Living Coverage^®, a linked benefit product that combines the power of universal life insurance and long term care insurance in a single flexible policy
• An optional Accelerated Benefit Rider for Long Term Care Services that can be added to an Index Universal Life insurance policy. Clients can protect their legacy with three solutions in one:  provide a death benefit, a source for long term care funding and the potential to accumulate cash value, which can be used to supplement retirement income
• SecureLiving^® Growth+ with Income Choice rider, a fixed index annuity with an income rider than can double available the income withdrawals for up to five consecutive years when the contract owner is confined to a medical care facility.

Financial professionals can find the tools to help protect their clients’ retirement and start this important conversation by visiting: https://www.genworth.com/theLTCsource.com.

About Genworth Financial

Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company committed to helping families become more financially secure, self-reliant and prepared for the future. Genworth has leadership positions in mortgage insurance and long term care insurance and product offerings in life insurance and fixed annuities that assist consumers in solving their home ownership, insurance and retirement needs. To help families start “the talk” about their futures and long term care planning, Genworth recently completed the first stage of its national #Lets Talk Tour to encourage conversations and information sharing. Headquartered in Richmond, Virginia, Genworth traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com.

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[1] “Let’s Talk Research”, Genworth, March 2015

[2] 2015 Medicare & You, National Medicare Handbook, Centers for Medicare & Medicaid Services, Revised September 2014.