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The State of Genworth in the Long Term Care Insurance Industry

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Genworth Financial released some short videos featuring President and CEO Tom McInerney discussing some topics relevant to the Long Term Care Insurance industry and the changes Genworth is making in how they approach the business.

Future of Long Term Care Insurance

Speaking on the state
of Genworth, McInerney expressed his excitement about the next two to three years in the industry. He believes Genworth is well-positioned in all businesses, but especially in the Long Term Care Insurance market, and there is great potential for growth within that market.

Many Long Term Care Insurance providers experienced troubles in the last few years related to policies because they did not accurately predict many influencing factors like interest rates and lapse rates. Now that Genworth has figured out better ways to manage this type of insurance and intends to continue implementing strategies of better management, the future looks bright.

Genworth has long been recognized as a leader in the Long Term Care Insurance industry and they intend to expand their presence within the market and continue living up to expectations of the company as a high quality insurance provider. McInerney stressed the high claims payment rates that Genworth boasts and says the actual payment of claims is one of the things that matter most to clients, and in that area, Genworth has very high marks.

Planning Ahead

Long Term Care Insurance helps consumers protect their assets from the high cost of care by providing coverage for care received in the various long term care settings. Nursing homes, assisted living facilities, and home health aides are the most common types of long term care and as the aging population in the United States continues to grow rapidly, it’s important that individuals begin to plan for this type of care later in life.

To get more information on Long Term Care Insurance and how much a policy from a top rated company would cost you, find out the best providers in Texas and request a free quote comparison and we will be in touch with you shortly.

A Position of Leadership Within the Long Term Care Insurance Industry

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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.

Learn more about planning for long term care or request a free personalized quote comparison of the top providers today.