Are rates guaranteed?
No insurance company can guarantee that premiums for LTC insurance will never increase. We secured a five year rate guarantee from Genworth and strongly believe that Genworth has appropriately priced their insurance coverage options to avoid future rate increases. Please be aware that your premiums will never increase based on your age, claim or health status.
What if I leave W&L?
Your coverage is fully portable which means that it continues according to its terms as long as you pay your premium on time. Of course, payroll deduction would no longer be an option; premiums would be payable directly to Genworth Life.
If I die before using this benefit, what happens to the premiums I paid in?
LTC insurance is comparable to fire and automobile insurance, and like fire and automobile insurance, paid premiums remain with the insurer.
Are the premiums I pay tax-deferred?
Premiums are not tax-deferred. However, Long Term Care insurance premiums can be included under your medical expenses, up to annually adjusted limits, for federal income tax purposes. Benefits, should you draw them in the future, are not taxable.
Are there any states in which Genworth is not yet licensed to sell LTC insurance?
No, Genworth Life Insurance Company is licensed in all states to sell long term care insurance. However, due to a change in Vermont law, this long term care product is not currently approved for sale.