Genworth is big in the ltci industry
If it went under, nobody actually knows how it will go
In general though the state guarantee association would step in. They attempt to make you whole up to the state limits. This involves transferring policies or “taxing” remaining ltci companies in the state.
For a much smaller company in ltci, likely no problem.
For genworth, although nobody knows, I bet it still gets done but possibly some delays. With annuities, there are situations like Colorado bankers which has been going on for years. Personally I think it gets done bc if it doesn’t the industry might as well fold bc confidence in the product guarantees would erode.
If it went under, nobody actually knows how it will go
In general though the state guarantee association would step in. They attempt to make you whole up to the state limits. This involves transferring policies or “taxing” remaining ltci companies in the state.
For a much smaller company in ltci, likely no problem.
For genworth, although nobody knows, I bet it still gets done but possibly some delays. With annuities, there are situations like Colorado bankers which has been going on for years. Personally I think it gets done bc if it doesn’t the industry might as well fold bc confidence in the product guarantees would erode.
Statistics: Posted by Rex66 — Sat Jul 06, 2024 6:47 am — Replies 8 — Views 779