On July 21, 2014, Genworth Life Insurance Company will be launching Privileged Choice® Flex 3 (Flex 3). Launch states will be announced in the next bulletin on June 23.
Flex 3 vs. Privileged Choice® Flex 2 (Flex 2)
• Maximum Daily Benefit amount changed from $400 to $300
• Maximum Monthly Benefit amount changed from $12,000 to $9,000
• Benefit multiplier options no longer include 6, 8 or 10 years
• 2% compound inflation protection option added
• Future Purchase Option changed from 5% to 3%
• All home care services require an Agency (see the Q&A section for more information)
• The following riders are no longer available: Transition Benefit, Restoration Benefit and Refund of Premium Benefit
Changes in Flex 3, Flex 2 and Privileged Choice® Flex 1 (Flex 1)
• Minimum issue age raised from 18 to 40
• Genworth will no longer allow clients to purchase multiple individual long term care policies (see the Q&A section for more information)
No idea of course what the rates will be...but I will bet that all women will pay higher rates even when applying with spouse. Therefore, we can have another "fire sale"...resulting in UW delays like the last time. Oh boy!!
Flex 3 vs. Privileged Choice® Flex 2 (Flex 2)
• Maximum Daily Benefit amount changed from $400 to $300
• Maximum Monthly Benefit amount changed from $12,000 to $9,000
• Benefit multiplier options no longer include 6, 8 or 10 years
• 2% compound inflation protection option added
• Future Purchase Option changed from 5% to 3%
• All home care services require an Agency (see the Q&A section for more information)
• The following riders are no longer available: Transition Benefit, Restoration Benefit and Refund of Premium Benefit
Changes in Flex 3, Flex 2 and Privileged Choice® Flex 1 (Flex 1)
• Minimum issue age raised from 18 to 40
• Genworth will no longer allow clients to purchase multiple individual long term care policies (see the Q&A section for more information)
No idea of course what the rates will be...but I will bet that all women will pay higher rates even when applying with spouse. Therefore, we can have another "fire sale"...resulting in UW delays like the last time. Oh boy!!
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