This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Genworth Redefines 'Healthy': Pre-existing Conditions Not Always Barrier To Life Insurance

Stocks in this article: GNW

RICHMOND, Va., Oct. 17, 2012 /PRNewswire/ -- Too many Americans have taken themselves out of the market for life insurance as a result of outdated assumptions about pre-existing conditions and insurability. That is one of the conclusions drawn by Genworth life insurance experts from a review of the 2012 Genworth LifeJacket SM Study data.

To view the multimedia assets associated with this release, please click: http://www.multivu.com/mnr/54345-genworth-financial-lifejacket-study-life-insurance-health-conditions

"We need to redefine the word 'healthy' in the context of life insurance eligibility," said Janet Deskins, Genworth senior vice president for product development. "For adults with conditions such as anxiety, asthma, depression, high cholesterol and sleep apnea, life insurance can still be an affordable part of their overall financial plan, especially if they are actively taking steps to manage their condition."

Between 39% and 54% of Americans between the ages of 18 and 64 with common, self-reported pre-existing conditions hold no life insurance, with doubts over insurability leading many potential candidates to not even apply for coverage, according to the new study. However, medical advances and wellness programs have made it possible for many Americans to better manage chronic conditions, while the insurance industry has developed increasingly sophisticated underwriting practices to provide preferred rates to those that have well-managed conditions such as asthma, anxiety and high blood pressure.

"As part of Genworth's commitment to helping Americans live longer, healthier lives, we want to raise awareness of the connection between how they manage their health and their ability to protect and help their families achieve their dreams," said Dr. Marjorie Keymer, vice president, medical director at Genworth. "They need to know that by having well-controlled medical conditions, they may very well be eligible for preferred rates on life insurance."

Genworth's LifeJacket SM study found that many people with seven self-reported conditions – anxiety, asthma, depression, high cholesterol, hypertension, weight problems and sleep apnea – have no life insurance. Uninsured sufferers of anxiety, asthma and depression accounted for more than half of all those who reported the condition (53%, 54% and 53%, respectively), while 40% of individuals with hypertension, 44% of those with weight problems and 42% of those with sleep apnea responded that they owned no life insurance. A substantial portion of Americans living with high cholesterol (39%) also remains uninsured.

"For each of the conditions we studied, sizable populations reported that they hold no life insurance," added Pam Nelson, Genworth vice president for Customer Insights.  "As an industry, we need to do a better job of communicating that having a well managed health condition is not necessarily a barrier to obtaining life insurance. It is clear from this year's research that there is a potential population of American adults that could become life insurance consumers if they knew more about life insurance eligibility, understood the value of wellness programs and felt more comfortable about sharing their health information with their agents and advisors."

Total Number of Uninsured Rises

According to the study, more than 118 million adults in the United States age 18 and above don't have any life insurance coverage, more than half the adult population (52%). That compares with 2011, when 51% of U.S. adults were uninsured. 

"Overall, we are seeing the continuation of a trend we witnessed in 2011: fewer Americans with life insurance and lower coverage amounts for those who are purchasing policies," Deskins said. "In this environment, we need to redouble our efforts to close coverage gaps in what people actually need, and help consumers better understand their options."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs