Genworth (GNW) will roll out Privileged Choice Flex 3 featuring FlexFit packages, which has designed to address the primary barriers to purchasing long-term care insurance - price and complexity.

The company said that the new FlexFit will offer US citizens the flexibility to pick up the right fit for their long term care needs, combined with the simplicity of prepackaged benefits.

Genworth Life Insurance Company will issue the Privileged Choice Flex 3.

Genworth president and CEO Tom McInerney said: "We are committed to providing long term care funding solutions with flexible options and strong benefits that meet the diverse needs of today’s families."

"FlexFit allows more Americans to take control of their long term care future for not much more than what it costs for a daily latte.

"The security that comes from knowing that protection is now more accessible can be invaluable for families," McInerney added.

The two package options available to consumers include, FlexFit Premium- based on an annual premium, and FlexFit Coverage- based on an initial coverage amount.

Suitable for a person with limited budget, FlexFit Premium package options begin at $1,000 per annum, while the FlexFit Coverage package has options starting at $100,000 of initial coverage.