As the firm enters into restructuring plans, it has now ceased the sale of those policies until further notice. Genworth Financial Inc. has now announced the suspension of some of its life insurance product sales, after having posted a Q4 loss for 2015, which meant that it had continued to lose money throughout every quarter of that year. The company is now entering into restructuring plans in order to overcome its considerable financial challenges. As a result of this announcement and as the insurer begins the planning for its restructuring,…
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Long-term care insurance premiums to see massive increase in Kansas
State residents will see a major increase in their long-term care insurance premiums Kansas residents that have purchased long-term care insurance will be hit by significant rate increases in the near future. Policyholders have been reporting that they have been notified that they will see rate increases as high as 60%. The Kansas Insurance Department has confirmed that this is, indeed, the case, as regulators have approved significant rate increases coming from insurers. For many consumers, this may become a major financial burden that may mean they would lose their…
Read MoreLong-term care insurance is becoming more expensive
Report shows the rising cost of insurance coverage in the US The American Association for Long-Term Care Insurance, an industry trade group, has released a new report concerning the rising cost of this type of coverage. Long-term care insurance can be used to cover the cost of medical care in a home or a nursing home. This coverage is meant to offset the cost of medical and care services that are offered to those with prolonged illnesses and chronic disorders. This coverage is somewhat common, but many people do not…
Read MoreLong term care insurance is becoming more popular
Americans are beginning to discover the importance of this coverage and are starting to buy again. The latest trend in long term care insurance in the United States appears to be the increasing recognition of the importance of this kind of coverage, and therefore a rise in the number of policies that are actually being purchased. This type of policy has been available to Americans for approximately 40 years. However, as it is an expensive form of insurance policy, many people have avoided it as they have prioritized other expenses…
Read MoreLong term care insurance study shows women will soon pay much more
At the same time, it has revealed that it is still possible to take advantage of savings for a short time. The American Association for Long Term Care Insurance has now released the results of a study that has investigated the cost of purchasing this coverage for single women, and the direction that it is taking. It found that women in half of the states still have a chance to save between 40 and 60 percent. The key to being able to benefit from these long term care insurance savings…
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