Genworth Announces “Refocus” for Sales for Its Insurance Products

Genworth is one of the three surviving companies still offering Long-Term Care Insurance.  So, when it reports plans for the future, that is important.  In February 2016 Genworth’s CEO released a letter saying, “We will be refocusing our sales efforts to develop solutions that meet the financial challenges of aging, including individual and group long term care (LTC) insurance, and over time, the development of other products and services that meet this growing need.”

Genworth’s strategic priorities remain to improve the performances of our businesses and increase our financial and strategic flexibility — while keeping our promises to policyholders. To support these priorities, Genworth has decided to suspend sales of all our traditional life insurance and fixed annuity products. Our decision to suspend new sales of these products in no way diminishes our commitment to providing service to our existing 2.8 million life and annuity policy and contract holders and their beneficiaries.

Exactly what this means for financing options for long-term care remains to be seen.  

McKnight’s Senior Living News sees this as a move in the right direction, as discussed here.