Another Major LTC Player Making Sweeping Changes

[billberry12]

It is my understanding that a Genworth ambassador agent is anyone licensed, but not actively selling LTCI. They simply get appointed as an ambassador agent with Genworth, refer their clients, leads, referrals, etc. to a career Genworth agent, and the Career agent does the rest. The ambassador agent generally gets a part of the deal. 25%, 40%, whatever they agreed on up front. As I recall, the ambassador agent's commission is exactly the same as a broker. They just get that commission on a part of the deal, not all of it. They seldom, if ever, sell anything on their own. I believe the program was established so Career agent could build a referral network with other licensed agents that do not sell LTCI. 65% was the last ambassador contract I saw. I was a career agent and District leader with Genworth for 4 1/2 years, and AARP certified, until July of 2011.

 

[ltcadviser]

I am just really ticked off.

Bottom line is I dont have access to sell the best policy value anymore unless I get married to a Genworth career agent.

Indy Jewish agent seeks Captive Gen-worth-tile for fun, conversation and split deals on Internet price shoppers that refuse to pay excess premium to Transamerica. Serious inquiries only.

 

[billberry12]

Pretty slick ploy don't you think?

 

[ikeman07]

I am just really ticked off.

Bottom line is I dont have access to sell the best policy value anymore unless I get married to a Genworth career agent.

Indy Jewish agent seeks Captive Gen-worth-tile for fun, conversation and split deals on Internet price shoppers that refuse to pay excess premium to Transamerica. Serious inquiries only.

This qualifies as my favorite post since joining the forum!!!

 

[billberry12]

Can you say competitive advantage???

 

[ltcadviser]

Probably will be 6-12 months before Genworth rolls out its new AARP pricing after the 5 year contract runs out in a few months. Long time to wait for parity.

 

[yankee466]

It does make you wonder why, as recently as PC Flex has come out (not yet even in CA or FL), that they are already filing for a newer, replacement product to come out in 2013. Whether it has a lot of physical changes or is just more expensive, or both, remains to be seen.

The intermediate changes they are making is really just a way to beat the insurance commissioners refiling rules and have an immediate impact on profitability and slow sales of a product that is "under-priced" in today's market. Since the new product just came out in 2011, and we have had a financial crisis now for 3 years, it kinda makes you wonder who was watching the helm when they dreamed up the new product/pricing. Maybe it was in the works from when Bush was President.

The promise of parity with AARP and restoring the full commission with the 2013 product is at least good in the long run. In the mean time, when my "shopping" clients say they have to call AARP first and then get back to me, it will have a whole new meaning then it does today. I'll have no choice but to revert to the old line of "why would you ever buy LTC from such a shaky carrier? Heck, they are not even on Clark Howard's honor role!!!" Even though I personally own a GNW policy.

 

[bluemarlin08]

It is my understanding that a Genworth ambassador agent is anyone licensed, but not actively selling LTCI. They simply get appointed as an ambassador agent with Genworth, refer their clients, leads, referrals, etc. to a career Genworth agent, and the Career agent does the rest. The ambassador agent generally gets a part of the deal. 25%, 40%, whatever they agreed on up front. As I recall, the ambassador agent's commission is exactly the same as a broker. They just get that commission on a part of the deal, not all of it. They seldom, if ever, sell anything on their own. I believe the program was established so Career agent could build a referral network with other licensed agents that do not sell LTCI. 65% was the last ambassador contract I saw.

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I am an ambassador and I have never had to use a career agent. Perhaps that is the way it is now, but I signed up with GE in this program 14 years ago.
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[Mr_Ed]

I am just really ticked off.

Bottom line is I dont have access to sell the best policy value anymore unless I get married to a Genworth career agent.

Indy Jewish agent seeks Captive Gen-worth-tile for fun, conversation and split deals on Internet price shoppers that refuse to pay excess premium to Transamerica. Serious inquiries only.

funniest post ever made on this forum.

bravo, jack.

keep 'em comin'.

 

[Arthur Rudnick]

Although AARP's Genworth policy is less expensive, keep in mind that it is not PCFlex, it is PC. Therefore, AARP's policy does not allow for informal caregivers, where PCFlex does.

That's a big selling point.............