Genworth discontinues some LTC insurance options

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Genworth Financial announced that it is taking several of its long-term care insurance options off the table.

As of July 29, Genworth will stop selling: lifetime coverage policies, which are popular for people with family histories of Alzheimer's and other chronic conditions; 10-pay policies, which lets beneficiaries pay for 10 bigger payments for a paid-up policy; and 40% spousal/partner discounts for couples who sign up together, the Chicago Sun Times reported.

Genworth is following the footsteps of Prudential and MetLife, both of which exited the LTC insurance market in recent months. Since Genworth's announcement, LTC insurance analysts have urged consumers to buy policies while they still can rather than rely on Medicaid in the future.
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