Genworth Financial has introduced an annuity product that marks a new way the company can provide long-term care (LTC) coverage to consumers.
The IncomeAssuranceSM Immediate Need Annuit offers a lifetime of monthly income payments for people aged 70 or older.
The medically underwritten product is designed for Americans with adverse health conditions with no existing LTC coverage.
Genworth said the income from the new policy can be used for any purpose, including care, medical or living expenses.
Genworth Financial president and CEO Tom McInerney said: "While healthy people have many options to help fund their future long term care expenses, that’s not the case for older Americans who need care now and are afraid of running out of money.
"Our new IncomeAssurance Immediate Need Annuity provides another way to help pay for care, one that addresses a very real need that is significantly underserved today."
The product is said to convert assets into a guaranteed and monthly income, which is paid for the life of the care recipient.
Monthly income will be decided based on several factors such as age, gender and the health of the care recipient. The income will also depend on the plan chosen and other optional benefits selected.
Genworth Life Insurance Company issues IncomeAssuranceSM Immediate Need Annuity single premium immediate annuities. All guarantees are based on the company’s claims-paying ability.
Based in Richmond, Virginia, Genworth provides mortgage insurance and long term care insurance services to its customers.