AARP Services Inc. and Genworth Financial Introduce New Innovative and
Affordable Long Term Care Insurance Option to AARP Members
WASHINGTON, March 11 /PRNewswire-USNewswire/ -- AARP Services Inc. and
Genworth Financial, Inc. (NYSE: GNW) today announced the availability of a new
long term care insurance plan for AARP's 39 million members. Genworth's
Cornerstone Advantage(SM) plan is an affordable alternative to traditional
long term care insurance and is currently available to AARP members in 27
states, with more states anticipated.
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"It's essential that every member of our aging population effectively plans
for his or her future long-term care needs," said John Wider, vice president
of Health Products and Services, AARP Services Inc. "Cornerstone Advantage
from Genworth offers a more affordable alternative to traditional long term
care insurance, making it accessible to a broader and growing number of
members."
An estimated 83-million American consumers are eligible to purchase a
stand-alone long term care insurance product, however many say they can't
afford the premiums. Designed to significantly reduce those premiums, the
Cornerstone Advantage plan makes long term care insurance more accessible to
AARP members.
With deductible and co-insurance features similar to those in many health care
plans, members can select benefits that match their needs and, for some
policyholders, potentially lower premiums up to roughly half that of today's
conventional long term care insurance products. The coverage is also
specifically designed to be easier for members to understand.
The Cornerstone Advantage plan also allows members to select the daily benefit
they want and the total amount of protection. Coverage is available for care
at home, in an assisted living facility or in a nursing home. Discounts and
shared coverage may be available for couples and the plan has a built-in
return of premium feature, which adds value for those members who are
concerned about paying for insurance they may not use.
AARP selected Genworth last year to make available long term care insurance
solutions for its 39 million members. Beginning in October 2007, Genworth made
available a robust portfolio of AARP-branded products that provide flexible
features and benefits. Some of these products include features developed
specifically for AARP members such as a five-year rate guarantee and a 60-day
free look period.
"The response by AARP members to our innovative product portfolio has been
tremendous," said Buck Stinson, president of Genworth Financial's Long Term
Care Insurance business. "Members like the breadth of available long term care
planning options and the ability to purchase a policy through their preferred
method - phone, online or by consulting with a Long Term Care Insurance Agent
authorized to offer AARP-endorsed long term care insurance solutions. These
choices are proving to meet their needs and requirements."
AARP members can obtain more information about the Cornerstone Advantage plan
and other products and services made available through AARP online at
http://www.aarphealthcare.com, or by phone at 800-565-0895.
Long Term Care Insurance underwritten by Genworth Life Insurance Company, and
in New York, Genworth Life Insurance Company of New York. Product availability
varies by state.
About AARP
AARP is a nonprofit, nonpartisan membership organization that helps people 50+
have independence, choice and control in ways that are beneficial and
affordable to them and society as a whole. AARP does not endorse candidates
for public office or make contributions to either political campaigns or
candidates. We produce AARP The Magazine, the definitive voice for 50+
Americans and the world's largest-circulation magazine with over 33 million
readers; AARP Bulletin, the go-to news source for AARP's 39 million members
and Americans 50+; AARP Segunda Juventud, the only bilingual U.S. publication
dedicated exclusively to the 50+ Hispanic community; and our website,
AARP.org. AARP Foundation is an affiliated charity that provides security,
protection, and empowerment to older persons in need with support from
thousands of volunteers, donors, and sponsors. We have staffed offices in all
50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.
About AARP Services Inc.
AARP Services, founded in 1999, is a wholly owned subsidiary of AARP. AARP
Services manages the wide range of products and services that are offered as
benefits to AARP's 39 million + members. The offers span health products,
travel and leisure products, and life event services. Specific products
include Medicare supplemental insurance; member discounts on rental cars,
cruises, vacation packages and lodging; special offers on technology and
gifts; pharmacy services; legal services; and long-term care insurance. AARP
Services founded AARP Financial Incorporated, a subsidiary that manages
AARP-endorsed financial products including AARP Funds; AARP Services develops
new products, manages and markets products and services, creates and maintains
partnership and sponsorship relationships, and develops and manages AARP's
award-winning Web site, AARP.org.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading public Fortune 500 global
financial security company. Genworth has more than $114 billion in assets and
employs approximately 7,000 people in 25 countries. Its products and services
help meet the investment, protection, retirement and lifestyle needs of over
15 million customers. Genworth operates through three segments: Retirement
and Protection, International, and U.S. Mortgage Insurance. Its products and
services are offered through financial intermediaries, advisors, independent
distributors and sales specialists. Genworth Financial, which traces its
roots back to 1871, became a public company in 2004 and is headquartered in
Richmond, Virginia. For more information, visit Genworth.com.
SOURCE AARP
Anthony De Luise of AARP, +1-202-434-2539
