Genworth Financial launches suite of long term care insurance plans for AARP members

Long term care costs in Washington continue to rise at a rate outpacing inflation in much of the state, putting significant financial pressure on those in or near retirement. As a leader in the long term care insurance industry, Genworth offers a suite of insurance products to help people proactively plan for their future. Now, AARP^® members that reside in Washington can take advantage of a new program designed to simplify the process of purchasing affordable long term care insurance.

Genworth Financial, Inc. (NYSE: GNW) today introduced My Future, My Plan(SM), a suite of long term care insurance plans created exclusively for AARP members. My Future, My Plan is the result of Genworth combining its unique expertise in the area of the long term care insurance product with what it has learned about AARP's demographic. With My Future, My Plan, AARP members get access to industry-leading features while maintaining the ability to customize a plan that falls within their price range, meeting their lifestyle needs. In three simple steps, AARP members can choose one of three preselected long term care insurance plans, tailored to them and designed specifically to reflect membership demographics. All plans include the option of home care, assisted living and nursing home services along with flexible features designed exclusively for AARP members. Also included is no-cost access to Genworth's Privileged Care® Coordinators who assist policyholders and their families in planning for their long term care.

AARP members have three easy options available to find out more about My Future, My Plan: by scheduling a free, no obligation "readiness review" with an "Authorized to Offer" Genworth insurance agent in person or by calling 800 565.0805, or by visiting genworth.com/aarp for more information about long term care insurance.

My Future, My Plan is one of many products Genworth has developed, reflective of American families' varying and ever-growing long term care needs. The company also offers affordable long term care insurance solutions through independent financial advisors. Earlier this year, the company launched a product suite to offer employers a practical way to provide affordable, comprehensive long term care coverage to employees and their families.

"Two-thirds of people over age 65 will need long term care in their lifetimes," said Buck Stinson, president, insurance products at Genworth Financial. "The current economic downturn has depleted the nest eggs of many Washington residents, making it more important than ever to plan ahead for future long term care costs."

Helping American Families Through Education

As an industry pioneer and the largest underwriter of long term care insurance for more than one million policyholders, Genworth brings a strong commitment to solving our nation's long term care challenges, a reputation for service and a longstanding history of product innovation.

Since 2005, the company has conducted an annual Cost of Care Survey to provide Americans with a clear understanding of the cost of long term care in their area. According to Genworth's 2009 Cost of Care Survey conducted by CareScout, the annual cost for a private nursing home room in the U.S. is $74,208, or $203 per day. In Washington, this cost has risen 5 percent annually over the past five years in Spokane, while costs increased 3 percent a year in the Seattle-Tacoma region over the same period.  Costs in the rest of the state have increased 6 percent a year since 2005. The median annual cost for a private nursing home room in Washington ranges from $77,198 to $91,250.  Costs for this type of care are highest in the Seattle-Tacoma region.

"Long term care planning is a key consideration as you prepare for your retirement needs," continued Stinson. "For a few dollars now, families can potentially save thousands of dollars later should they have a long term care need."

To help families plan and have the right conversations at the right time, Genworth Financial has created the "Let's Talk" national campaign, designed to provide families with the right resources, education and motivation to have valuable conversations and successfully plan for a long life. The centerpiece of the campaign is an interactive Web site (www.caringtalk.com), featuring downloadable long term care guides and information on: ways to break the ice with family members; helpful do's and don'ts; and advice from people who have already been down this path.

SOURCE Genworth Financial