Certain Reduced Benefit Options Will No Longer Be Available
For the original Bulletin covering this change, click here.
Effective 01/26/14, Genworth will no longer be able to allow policyholders to change their policy benefits from 5% compound to 5% simple inflation.
Effective 03/03/15, in addition to the above, Genworth will no longer be able to allow policyholders to: make any changes to or to drop their inflation benefit; or to reduce their daily/monthly benefit amounts. For example, a policyholder will no longer able to change their inflation from compound to a lower compound or simple inflation or to reduce their daily benefit from $100/day to $80/day.
Policyholders will continue to be allowed to reduce or change their policies in the following way(s) to reduce their premium.
• Maximum Benefit
• Elimination Period
• Drop a policy rider such as Restoration of Benefits
*This change applies to all long term care policy forms issued in Kentucky
