OVERLAND PARK, Kan., Nov. 13, 2013 (SEND2PRESS NEWSWIRE) — At the National LTC Network’s recent Annual Shareholders Meeting in Dallas, Thomas J. McInerney, President and CEO of Genworth Financial, Inc., shared his thoughts – engaging the group in a robust discussion on the future of the long term care (LTC) insurance industry.
“Tom’s participation was a highlight of the meeting. It was great hearing his vision, and his confirmation of Genworth’s continuing commitment to its leadership of the long term care insurance market. We sincerely appreciate his taking the time to attend,” said Terry Truesdell, President and CEO of the National LTC Network.
McInerney, who joined Genworth in January of this year, said that Genworth continues looking at opportunities to increase consumer awareness of long term care needs, adding, “I think there is an opportunity to significantly grow the LTC business.”
In an effort to support a robust, competitive long term care insurance market nationally, McInerney has met with more than half of state insurance regulators.
Noting that the average American has saved $140,000, McInerney observed: “That’s not enough to cover many long term care events. Today, 25 percent to 50 percent of state Medicaid budgets are already allocated to pay for long term care expenses for individuals. With the looming challenge of the 76 million baby boomers retiring at a pace of 10,000 per day, government entitlement programs will become even more strained than they are today. All of the actions we have taken and our new strategic approach put us in a position to take advantage of the opportunity in long term care insurance and to continue helping our LTCI clients.”
Network CEO Truesdell commented, “This meeting carried on the rich, unique history of the National LTC Network. Network member firms share Tom’s feeling that we can dramatically expand the market. We look forward to helping families manage the significant risk of long term care.”
About The National LTC Network:
The National LTC Network has, for 19 years, been a national leader in long term care insurance distribution. The Network counts among its 30 member firms some of the most respected and successful firms in the industry. Members include trailblazers in workplace sales, association sales, and traditional individual sales.
For more information, visit: http://nltcn.com/ .
President and CEO
The National LTC Network
Overland Park, Kansas
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NEWS SOURCE: National LTC Network :: This press release was issued on behalf of the news source (who is solely responsible for its accuracy) by Send2Press® Newswire, a service of Neotrope®.