Once again, Genworth is leading the way for LTCI. They are the first carrier to roll out gender specific pricing – and yes, we women are going to be paying the price. This is what we get for living longer. Single women will bear the brunt of the increase; married women, applying with their husbands, will not see much of an increase, while men are supposed to see a bit of a decrease across the board. And John Hancock just rolled out gender based pricing similar to Genworth. Two down, how many more will follow?
To be even more of a trendsetter, Genworth is also changing to life based underwriting, which means they will be requiring parameds for all applicants. The plus side here is that agents will no longer have to get answers to all of the medical questions; they will now be taken care of at time of paramed. My belief is that the industry will wait and see before jumping onto this bandwagon, as it might not be very cost effective.
The LTC market continues to evolve. Now, more than ever, it is important to work with someone who lives and breathes this every day. I am here to help you navigate the changing tides. Now is the time to market to single women – they understand the value and the need. Let’s work together to make sure we get as many covered as we can before gender pricing changes the landscape forever.