Genworth: In-Force Rate Action Announcement for Multiple States
On October 16th, Genworth announced its plan for premium increases on in-force policies for policyholders in: Arkansas, Connecticut, Georgia, Mississippi, Ohio, Oklahoma, Pennsylvania, South Carolina, Washington DC.
Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications. Policyholder notifications will continue throughout the next year. Impacted policyholders will be notified at least 60 days in advance of their billing anniversary dates. Policyholders currently on claim will still receive a rate increase notification. However, if they are on waiver of premium, the rate increase will not apply until the premium is no longer waived and becomes due.
As a reminder, policyholders may have the ability to reduce their benefits in order to help maintain premium at approximate current levels. A policyholder may:
- Choose to lower their current maximum daily benefit
- Adjust the benefit period, elimination period or
- Where applicable, terminate Riders.
Please note: when reducing the maximum daily benefit or benefit period, the lifetime maximum will also be reduced. If policyholders choose to decrease their benefits, they may change their decision in writing within 60 days of the written confirmation of the benefits reduction. Following this, they cannot increase their benefits or go back to the original benefits.
If you receive notification or if you have any questions about these changes, please give us a call at 1-800-792-6795.