Genworth Financial has launched Total Living Coverage Annuity (TLCA), a linked-benefit product that links safety and tax-deferred growth of a single premium non-qualified deferred annuity with a long term care (LTC) insurance rider to provide LTC benefits. The product will be underwritten by Genworth Life Insurance Company.
According to company, the TLCA benefits include dependable and stable growth; protection in the event of a long term care need with guaranteed renewable long term care insurance; simplified underwriting process; optional inflation protection; and waiver of monthly long term care charge provision.
In addition, the consumers who would benefit from this product include those who are nearing or in retirement with assets to protect; recognize the potential need for long term care and negative impact it could have on their financial security; are currently self-insuring against risks of future long term care event; and have investable assets of around $200,000.
Buck Stinson, president of Genworth’s US Life Insurance Products, said: “The financial challenges facing Main Street consumers today have never been greater.
“With Total Living Coverage Annuity, consumers use their annuity value to purchase long term care insurance coverage up to three times the amount of their single premium, creating a pool of benefit dollars for long term care expenses paid first from the annuity value and then from the remaining pool.”