Genworth debuts new medically underwritten immediate annuity.
Too often, I receive a phone call asking about Long Term Care solutions for an individual that failed to put a Long Term Care plan in place when they were still insurable. The client is typically 75+ and is on the verge of needing care immediately. Typical impairments include:
- Heart attack or Heart Failure
- Chronic Respiratory Disease
- Alzheimer’s or “early” Dementia
The most unpleasant part of our industry is having to turn away clients ready to purchase any solution because their medical history now prohibits them from coverage. If a client is unable to make it through the underwriting process we have historically had very few, if any, viable alternative LTCi options. With the launch of Genworth’s new Medically Underwritten Immediate Annuity, the days of having telling your clients you don’t have a solution for them are GONE.
Unlike traditional LTC, this is a solution meant for clients who failed to put a Long Term Care plan in place, and that have current health concerns that prevent them from purchasing a traditionally underwritten product.
The medically underwritten SPIA turns conventional underwriting upside-down by rewarding clients with an unhealthy health history with an increased monthly benefit – arguably the only time in life when all those years of devouring donuts and Mickey D’s pays off in a BIG way!
Contact us today to learn more about an option for those that failed to plan.
For more information about Genworth’s Immediate Need Annuity, download the PDF by clicking the link below.