Genworth Gets Closer to CareScout Long-Term Care Insurance Launch

[Northeast Agent]

Genworth Gets Closer to CareScout Long-Term Care Insurance Launch

The company is setting up a reinsurance deal with a U.S.-based company.

www.thinkadvisor.com

CaresScout Insurance Co., a new Genworth subsidiary, has completed initial product filings in states that use the Interstate Insurance Compact and in nine other jurisdictions.

"We plan to launch CareScout's first new insurance product later this year," Thomas McInerney, Genworth's chief executive officer, said Wednesday during a conference call with securities analysts.

What it means: The long-term care planning market may be making a real comeback.

The backdrop: Genworth helped create the modern LTCI market, but it set the prices too low and has been trying to recover from that for decades. It ended active efforts to sell LTCI coverage in 2019.

 

[scagnt83]

The LTC planning market never went away, it just started using products that were safer for the consumer. Billions of LTC premium is still sold each year.

 

[Allen Trent]

The LTC planning market never went away, it just started using products that were safer for the consumer. Billions of LTC premium is still sold each year.

I think there would be even more if consumers holding Hundreds of Billions in NQ Annuities knew they could 1035 exchange their current gains into a hybrid Life/LTC product

 

[ltcadviser]

Genworth Gets Closer to CareScout Long-Term Care Insurance Launch

The company is setting up a reinsurance deal with a U.S.-based company.

www.thinkadvisor.com

CaresScout Insurance Co., a new Genworth subsidiary, has completed initial product filings in states that use the Interstate Insurance Compact and in nine other jurisdictions.

"We plan to launch CareScout's first new insurance product later this year," Thomas McInerney, Genworth's chief executive officer, said Wednesday during a conference call with securities analysts.

What it means: The long-term care planning market may be making a real comeback.

The backdrop: Genworth helped create the modern LTCI market, but it set the prices too low and has been trying to recover from that for decades. It ended active efforts to sell LTCI coverage in 2019.

Doesn't mean anything. The market doesn't need to make comeback. The market has been strong for years. No one will buy the Genworth product with its poor financial ratings, regardless of the reinsurer's rating. There are too many strong products today with exceptionally strong underwriters without the need to defend a company. It's a non starter.