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New Genworth Product for California

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Genworth Financial Inc. (GNW - Free Report) has come up with a new individual long term care insurance product in California named Privileged Choice Flex. Genworth will also temporarily suspend the sales of California Choice and Choice Partnership, the existing individual long term care insurance products in California, effective Mar 21, 2013.

California Choice and Choice Partnership products will be substituted by the new product - Privileged Choice Flex - once it is approved by the California Department of Insurance.

California Choice and Choice Partnership accounted for almost 12% of Genworth’s long term care insurance sales in 2012. Thus management decided to discard the old suite of products and bring forward a new set of products compatible to its requirements in California. Privileged Choice Flex will be priced in a manner to maximize Genworth’s returns and at the same time optimize consumer affordability.

Additionally, Genworth will launch Privileged Choice Flex 2 on Apr 15, 2013 across 31 states nationwide.

The suspension of California Choice and Choice Partnership, and introduction of Privileged Choice Flex and Privileged Choice Flex 2 is expected to enhance the sales portfolio of the company going forward.

In order to enhance customer service, Genworth Financial’s operating subsidiary Genworth Financial Wealth Management (GFWM) also launched a range of advanced multi-strategist wealth and investment solutions, called GPS solutions in Jan 2013.

Among other insurers, Protective Life Insurance Company came up with three new universal life insurance products namely, Protective Custom Choice Universal Life, Protective Advantage Choice Universal Life and Protective Survivor Universal Life in Jan 2013. Again, Allied World Bermuda, the Bermuda unit of Allied World Assurance Company Holdings, AG , also launched an excess casualty coverage package called Constellation the same month.

Genworth currently carries Zacks Rank #3 (Hold). Allied World and another life insurer and reinsurer, Reinsurance Group America Inc. (RGA - Free Report) carry a favorable Zacks Rank #2 (Buy) and are worth noting.

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