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Strategic Marketing Partner Strategic Marketing Partner
  • IAR Platform
    • Our Recommended IAR Platform
    • Why Every Advisor Should Have a 65 License
    • Source of Funds Rule
  • Marketing Tools
    • Your New Website
    • 3-Bucket Sales Approach
    • CALM
    • Online Budgeting App
    • OnPointe Marketing Software
    • 10-Module Financial Literacy Course
    • Faith Based Planning Initiative
    • IUL Illustration Software
    • Asset Protection-The Wedge
    • E-Newsletter Drip System
    • Online Lead Gen!
    • Mortgage Acceleration Software
    • Debt Reduction App
    • Give Books Away for Free!
    • Student Loan Eliminator
    • Market To Attorneys
    • RETIREMENT LIFE
    • Name on Books
  • News
    • Newsletters and Webinars
    • Past Newsletters
  • Education
    • Archived Newsletters and Webinars
    • Books
    • Whole Life vs. EIUL
    • Single Premium Life Insurance
    • Advanced Case Design Center
    • DALBAR Study
    • EIUL Special Rate of Return Report
    • White Papers
  • CAUTION!
    • IRA Rescue Using CVL
    • Section 79 Plans
    • Whole Life vs. EIUL
  • Contact
    • Shop
    • My Account
  • Shop

Chinese Company Buys Genworth-Is That Good for U.S. Policy Holders?

First it was Chinese company Anbang buying F&G Life, and now it’s China Oceanside buying Genworth.

It’s one thing for a Chinese company to buy one middle-sized life insurance company like F&G. It’s something completely different for a Chinese company to by the U.S.’s largest provider of long-term care (LTC) insurance (Genworth).

Who is China Oceanside?

China Oceanwide is a privately held, family owned international financial holding group founded by Mr. Lu Zhiqiang. Headquartered in Beijing, China, China Oceanwide’s well-established and diversified businesses include operations in financial services, energy, culture and media, and real estate assets globally, including in the United States

Is the Genworth sale good for U.S. policy holders?

I’m not a protectionist by nature, but I do not get a warm and fuzzy feeling about a company from a communist country buying the U.S.’s largest provider of LTC insurance.

If you asked policy holders what they thought, I wonder what they would say?

It’s a good thing that Oceanside is overpaying for the stock and infusing some initial capital. But what happens if Genworth continues to struggle? What happens down the road when people utilize their benefits more than anticipated?

LTC insurance premiums continue to rise.

The question is, will the Chinese-based Genworth owner be ruthless with price increases?

Will they truly care about the U.S. consumer?

These are all unanswered questions, but if I had the chance to buy a policy in the future from Genworth or a U.S. owned LTC provider, I’d opt for the U.S.-based carrier.

New Marketing Book – 21st Century Advisor (free download)!

                To download my new book in PDF, click on the following link:

http://strategicmp.net/21st-century-advisor

Roccy DeFrancesco
roccy@strategicmp.net
269-216-9978

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