AARP Services Inc. And Genworth Financial Introduce New Innovative And Affordable Long Term Care Insurance Option To AARP Members

Washington, DC - AARP Services Inc. and Genworth Financial, Inc. recently announced the availability of a new long term care insurance plan for AARP's 39 million members. Genworth's Cornerstone Advantage 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.

"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 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.

SOURCE: AARP Services Inc.