Filed Under:Health Insurance, Ltci

Genworth Plans to Raise Some LTCI Rates 50%

Martin Klein said LTCI policies must provide value for investors as well as of policyholders. (AP Photo/Jason DeCrow)
Martin Klein said LTCI policies must provide value for investors as well as of policyholders. (AP Photo/Jason DeCrow)

Executives at Genworth Financial Inc. (NYSE:GNW) said the company plans to ask for for another round of premium rate increases on in-force long-term care insurance (LTCI) polcies.

The increases would bring the average total premium increase to more than 50% on "older generation" policies over the next 5 years.

Kelleher noted that LTCI policy benefits and underwriting changes announced in July, such as a move to drop a coverage option providing access to an unlimited amount of LTCI benefits, should be the equivalent of increasing the cost of the products by about 20%.

Martin Klein, Genworth's acting chief executive officer (CEO), said the company had divided operations into strategic operations and operations held for investment purposes, and that it would give information about specific transactions at the appropriate time.

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Nichole Morford

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