To provide long term care insurance
Virginia Retirement System (VRS) has selected Genworth Financial to provide long term care insurance under the Commonwealth of Virginia Voluntary Group Long Term Care Insurance Program.
The group insurance, underwritten by Genworth Life Insurance Company (Genworth Life) is open to all VRS members, retirees and their families. Other local governments that do not participate in VRS may also offer the programs to their employees and families.
VRS administers benefits and services for over 600,000 members, retirees and beneficiaries. The active employees include state and local government employees, teachers, judges and law enforcement officers. Under this agreement, Genworth Life will become the underwriter of this employee-paid, voluntary group long term care insurance program.
VRS’ new relationship with Genworth Life will provide a broad portfolio of long term care planning solutions with flexible features and benefits. The product offering will include a wide range of affordable options.
Peter Lucas, vice president of Genworth’s Group Long Term Care Insurance Business, said: This new relationship will provide us with the opportunity to educate VRS members and their families about long term care insurance. It will help them decide whether long term care insurance should be part of their retirement plan, protecting assets and preserving funding sources for future family needs.