Today is the last day to accept applications for Genworth’s LTC product, Pivileged Choice Flex 2 product.
The following outlines the product changes from Flex 2 to Flex 3:
- Adding a new Informal Care option for Homemaker and Chore Care. This optional benefit reimburses Informal Care for Homemaker and Chore Care up to 50% of the Home and Community Care Benefit.
- Adding the option to drop Waiver of Premium to reduce premiums.
- Including a Refund of Premium benefit up to age 65 at no additional cost.
- Introducing an Increase Coverage option, to allow policyholders the opportunity to apply for more coverage.
- Introducing a new Couple’s Discount. With the enhanced Couple’s Discount, whether or not both individuals apply, if one member of a couple is issued a Flex 3 policy, he or she will receive a 15% Couple’s Discount off of their individual rate.
Transition Rules For Privileged Choice 2:
- Application must be received in the home office by 8pm Today! (April 4th).
See official announcement here: Genworth Privileged Choice 3 Announcement
Review Q & A on new product: Genworth Privileged Choice 3 Q & A