Yesterday, Genworth announced that like the rest of the nation’s leading insurers, they will change their premium price structure for women effective September 10, 2015.
The premium cost for women, effective after 9/10 will be a minimum of 25% higher, even more for single women.
There is a 3 week window of opportunity, before Genworth catches up to the other major companies.
The “sex” distinct pricing reflects an industry wide long term care claims history that women account for two of every three LTCi claims benefits paid. Mutual of Omaha, Transamerica and John Hancock have already implemented a gender pricing structure.
|Genworth “Flex” (closes Sept 10th)||$1,116.68|
|Mutual of Omaha||$1,516.29|
The message is clear – if you are a woman, or married to one, waiting to act is going to assure that a plan will be more expensive.
If your application reaches Genworth prior to September 10, you will still have 6-8 weeks to think about LTC before finalizing the coverage.
If you think you want long-term care insurance, now is the time to apply!