American insurer Genworth Financial has revealed plans to cut approximately 80 jobs including 35 operation jobs in Lynchburg and 21 job cuts at its corporate headquarters in Henrico County.
The rest of the Genworth Financial job cuts involve remote workers.
The company has decided to briefly halt the sales of individual long-term care insurance and income Assurance Annuity products via brokerage general agencies.
Subsequently, Genworth will distribute these products directly to consumers. These plans will also be made available through affinity and association programs as well as other distribution channels.
Genworth Financial Julie Westermann said that the company will continue to sell group long-term care insurance through traditional channels.
“Our commitment to helping Americans address the financial challenges of aging remains as strong as ever, and we look forward to bringing new products and services to market that will enable people who need care as they age live their lives as they wish, how and where they prefer to receive that care,” Westermann added.
Genworth said that the affected staff will be provided with a minimum of 60-day notice. They will also receive transition benefits which include outplacement services and compensation based on years of service.