Genworth: Announces Suspension of Multi-Life and Long Term Care Business Solutions Programs

January 29, 2013

Genworth Life Insurance Company and Genworth Life Insurance Company of New York (Genworth) have decided to suspend the sale of our long term care insurance (LTCI) products offered under the Multi-Life and Long Term Care Business Solutions (LTCBS) Programs.

Genworth remains committed to the long term care market and helping people secure their financial lives, families and futures with long term care education, products and services by providing solutions to both the individual and the Large Employer Group market. Large Employer Groups include employers with more than 500 employees for voluntary plans and more than 150 employees for employer-paid programs.

At this point, we view the multi-life market as a niche opportunity where there will continue to be growth. However, we don’t feel we are in a competitive position to grow our share of that market. Our current intention is to revisit new product offerings and revised underwriting practices once our primary priorities in the individual market are delivered.

Coverage under existing LTCBS group policies and multi-life individual policies will remain in effect in accordance with the terms, limitations and conditions of the insured’s certificate/policy.

After April 15, 2013, Genworth will no longer accept new business applications for existing traditional Multi-Life groups.

Genworth will accept new multi-life groups until March 1, 2013 and will provide a 90-day initial enrollment period. Requests for new multi-life groups will not be accepted after March 1, 2013.

July 1, 2013 will be the last day Genworth will accept applications for new multi-life group enrollments. Applications signed and received on or prior to July 1, 2013 will be processed.

Key Dates:
March 1: Last day Genworth will accept Request forms for LTCBS or a group number for traditional Multi-Life cases.
April 1: Last day to begin 90-day enrollment for LTCBS and traditional Multi-Life cases. Plan design and quotes must be finalized on or before April 1st.
April 15: Last day Genworth will accept applications for existing traditional Multi-Life groups, past their initial 90-day enrollment.
July 1: Last day Genworth will accept applications for enrollees of groups in their 90-day enrollment period.

Please note, for LTCBS only, Genworth will continue to provide application forms and booklets to support new hire enrollment for existing groups (we reserve the right to discontinue the offer of coverage to new enrollees in accordance with the terms of the Master Policy). Multi-Life and LTCBS marketing materials will no longer be available. Moving forward, please destroy any materials in stock, as they will no longer be updated and will be considered out of compliance.

Please see the attached Frequently Asked Questions for additional information.

FOR PRODUCER/AGENT USE ONLY. NOT TO BE REPRODUCED OR SHOWN TO THE PUBLIC.

Genworth, Genworth Financial and the Genworth logo are registered service marks of Genworth Financial, Inc.