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.
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"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.
About AARP
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.
SOURCE AARP
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Related links:
http://www.aarp.org
http://www.aarphealthcare.com http://www.Genworth.com
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PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Anthony De Luise of AARP, +1-202-434-2539
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