Genworth Financial who is a major sponsor for the European Golf Tour announced earning for the previous quarter. Genworth disappointed the street by posting lower than expected earning for the June-August quarter. Genworth Long Term Care Insurance division continued to be a drag on the company as claims kept rising. http://www.fool.com/investing/general/2015/08/05/why-genworth-financial-shares-dropped-more-than-13.aspx?source=eogyholnk0000001
The Long Term Care risk is especially important to our golfing readers because it protects assets and golfers tend to have more assets to protect than just about any other sport.
Genworth long term care insurance division was wise to partner with the golfing world as they tend to be their target audience for their Genworth Long Term Care Insurance product which is the driver of the companies earnings. Another synergy between gold and Genworth Long Term Care Insurance is the fact that golfers as a rule tend to live longer as they get more exercise. It’s known that golfers who live longer end up needing more cognitive long term care because the Genworth Long Term Care Insurance division found that dementia related illnesses accounted for the bulk of their claims.
Golfing and long term care on the surface don’t seem to have much in common. However, once you dig a bit you see the similarities in the type of person who golfs, hugher networth people, and the types of people who end up buying say a Genworth Long Term Care Insurance policy. Long Term Care Insurance is like any insurance, when buying it you want to shop around. My work friend sent me this link to a company that does the shopping for you AND gives a free Starbucks gift card when they mail you the info. Good resource, a solid family company: http://comparelongtermcare.org/