Contract to Sell Genworth Products

Genworth Financial, Inc. is a Fortune 500 company dedicated to helping people achieve the dream of home ownership and financial stability. They offer beneficiaries a host of different plans ranging from Long Term Care, Life Insurance, and Annuities in all 50 states, as well as Medicare Supplements in 7 states.

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Genworth Financial, Inc. is a Fortune 500 company dedicated to helping people achieve the dream of home ownership and financial stability. They offer beneficiaries a host of different plans ranging from Long Term Care, Life Insurance, and Annuities in all 50 states, as well as Medicare Supplements in 7 states.

Talk with us about Genworth!

Call 800-769-1847
Press 4 for Sales, then Press 3 for a Sales Specialist

Website:

https://www.genworth.com/pro/producer-login.html?

Important Notice:

Suspension of All Traditional Life Insurance and Fixed Annuity Sales

Transition Rules for New Applications

Regardless of submission method, Genworth will no longer accept new applications for traditional life insurance or fixed annuity products after March 7, 2016. Please “click here” to find the Key Dates for Life Insurance Transition table.

Genworth Announces Suspension of All Traditional Life Insurance and Fixed Annuity Sales Effective March 7, 2016

After a review of its U.S. Life Insurance businesses, Genworth has decided to suspend sales of all our traditional life insurance and fixed annuity products, including Total Living Coverage, as of March 7, 2016, subject to applicable transition rules and required regulatory approval.

Genworth has decided to direct its efforts exclusively on the market opportunity that provides the most potential for profitable growth and takes the greatest advantage of our expertise, long term care insurance experience, and competitive strength: providing solutions that address the financial challenges of aging.

Effective Monday, March 7, 2016, the Genworth companies will no longer accept new applications for our traditional life insurance and fixed annuity products, including:

  • Asset Builder Index Universal Life II
  • Foundation Builder Index Universal Life
  • Colony Term
  • Total Living Coverage (TLC)
  • Annuity Secure Living series

This change is effective for all states except Arkansas, South Dakota and Texas, where sales continue until appropriate regulatory notice and/or approval periods have run. Subsequent information will follow for these states.

This change does not affect the following:

  • Renewal commissions for in-force business
  • Pending business or related compensation
  • In-force policyholder servicing
  • In-force policy contractual provisions and benefits such as conversion rights -nNew business sales of LTC by Genworth Life Insurance Company and Genworth Life Insurance Company of New York
  • New business sales of IncomeAssuranceSM, our soon-to-be launched medically underwritten single premium immediate annuity product sold by Genworth Life Insurance Company

While Genworth is suspending new life insurance and fixed annuity sales, we will continue to provide service to our 2.8 million existing life insurance and annuity policy and contract holders. Existing customers and their benefits will not be impacted by this change, and Genworth’s commitment to them remains as strong as ever. Customers can be directed to a message from David O’Leary, U.S. Life Insurance President & CEO, that is posted on Genworth.com.

Transition Rules for New Applications

Regardless of submission method, Genworth will no longer accept new applications for traditional life insurance or fixed annuity products after March 7, 2016.

Life Quick Request (LQR) will no longer be available as of Friday, February 12, 2016, and the Life Quick Request application will still need to be received by March 7, 2016.

Our life insurance products will be removed from WinFlex and other quoting systems as of Friday, February 26, 2016.

We are no longer accepting trials or quick quotes for life insurance.

Our goal is to have all pending new business applications received by March 7, 2016, then placed and inforce by May 4, 2016. We will close applications that have not been issued by May 4, 2016, and we will work with you to help ensure that any policies already issued by that date get placed in a timely fashion.

We will identify any pending incoming replacements involving 1035 money and contact you to see if your customer still wants to proceed with the transaction.

Thank you for your partnership. If you have application questions during the transition period, please contact our office at (800) 769-1847.

GenGuard UL Removed from Product Suite

Effective February 16, 2015, GenGuard® UL will no longer be offered as part of our life insurance product suite.

With our emphasis on index UL and linked benefits product growth, this change allows us to better align our resources and focus on enhancing support towards the two fastest growing life insurance products in the industry – index universal life insurance and linked benefits. Guarantee UL sales have continued to trend downward. According to LIMRA, as of 3Q 2014, Guarantee UL represents only 21% of UL premium. Index UL sales continue to grow, representing over 50% of all UL sales and we see this product segment continuing to grow. In addition, GenGuard® UL currently represents a very small percentage of our business.

Our life product focus is to continue expanding our index UL and linked benefit solutions, while remaining relevant in the term life insurance market. Later this quarter, we will launch an even more competitive accumulation and protection solution. Consumers are seeking life insurance products that provide multiple benefits including death benefit protection, cash accumulation and long term care benefits. Our focus is to deliver on meeting these needs.

Transition Rules

January 16, 2015 - Last day to submit GenGuard® UL tickets through Life Quick Request®

February 13, 2015 - Last day to accept GenGuard® UL applications whether they are submitted via paper application or Life Quick Request®. Pending inventory will be processed as submitted. GenGuard® UL will be available in WinFlex for quoting on pending business until March 30, 2015.

February 16, 2015 - GenGuard® UL applications will no longer be accepted.

New Life Insurance Applications and Form Enhancements

On November 24, 2014, new term life insurance and universal life (UL) insurance applications and forms were required. Applications have been revised in order to collect additional owner, insured, and beneficiary information.

Please ensure all new business is written on the updated forms for the following products:

  • Asset Builder Index UL
  • Foundation Builder Index UL
  • GenGuard® UL
  • Colony Term
  • Life Ready℠ UL II
  • Life Ready℠ UL II NY

Genworth will no longer accept old applications for these products after December 31, 2014.

The following fields have been added and/or updated on the new applications:

  • Additional fields for point of contact phone numbers
  • State/country of birth, and citizenship information for proposed insured.
  • State/country of birth and citizenship information for owner if other than proposed insured
  • Additional fields are required when policy owner is a business
  • Social Security Number for proposed insured required prior to issue

In addition, a new Owner Resident Alien Supplement form will be required if the owner is not the proposed insured and is not a U.S. citizen. We will continue to require the current Resident Alien Supplement form when the proposed insured is the owner and is not a U.S. citizen.

Transition Rules

11/22/14 - The Life Quick Request®, iPipeline®, and EBIX/LifeSpeed tools are updated.

11/24/14 - New applications and forms are available on the Digital Marketing Library and Genworth PRO.

12/31/14 - The last day old Life applications and forms will be accepted.

1/1/15 - Old applications and forms received on or after January 1st will be considered not in good order and will require resubmission using the new applications and/or forms.

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