As the Long Term Care Insurance goes through some changes in the next few years, just as it has for the past few years, it’s important to have leaders within the industry to help forge the optimal path for consumers and providers.
Genworth Financial is currently taking up that role and looking to help any one interested in Long Term Care Insurance get educated and become aware of their options to help plan for the future.
Educating About the Risk
Long Term Care Insurance is a great tool for any one looking to enhance their retirement portfolio and protect their hard earned assets from the potentially devastating and constantly increasing cost of long term care.
This type of insurance is often not considered until it’s too late, and as the need for long term care grows, it becomes apparent that a great deal more people could benefit from these policies if only they knew about them when they were younger and able to buy.
President and CEO Tom McInerney has been speaking out about Genworth’s new approach to Long Term Care Insurance and the carrier’s recently revealed 3 part strategy to help manage policies better in the future. He seems enthusiastic about the future of the company within this specific market and touts Genworth as a helpful resource for regulators, consumers, and public policymakers.
Years of Experience
Genworth has been in the Long Term Care Insurance industry since it began in the early 70s and as McInerney put it, no one in the industry knows Long Term Care Insurance as well as Genworth does. The provider has insured more than 1 million clients and paid out more than 190,000 claims, which has totaled nearly $10 billion in paid benefits.
The carrier publishes a Cost of Care Report annually, which details the growing cost of long term care and helps put into perspective just how expensive it can really be and how common the need for care is. McInerney says he wants Genworth to make Long Term Care Insurance a better and more relevant industry so more individuals can finance their long term care needs and protect their retirement nest egg.