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.
"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.
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.
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