Richmond, Va.-based Genworth Financial announced that its life insurance subsidiary is underwriting a new product that it says provides a flexible way to link the tax-deferred growth of an annuity with long-term care benefits.
Promoting the singular goal of making life insurance “affordable, predictable and accessible” to consumers, Genworth Financial announced a pair of new universal life insurance products.
Genworth Financial has introduced My Future, My Plan, a suite of long term care insurance plans created exclusively for AARP members in several U.S. locations, including Washington, D.C. and Virginia.
Sen. Herb Kohl (D-Wis.) has co-authored legislation to regulate long-term care insurance, following a hearing where the senator called for stronger consumer protections and greater transparency in the industry.
As a direct result of the Patient Protection and Affordable Care Act (PPACA) – also known as ObamaCare – health insurance agent and broker commissions have been slashed by as much as 50%. Agencies have been forced to lay off employees, limit products and services, shift to other lines, and have seen significant drops in compensation.