they do have "first in house" protection, but there's a way around it.
obviously, the ameriprise guy knows the way.
Another Major LTC Player Making Sweeping Changes
- Thread starter bluemarlin08
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they do have "first in house" protection, but there's a way around it.
obviously, the ameriprise guy knows the way.
- 2,584
Can you tell me the way around it?
I was told they used to have it, but not anymore. I talked to several people about it.
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the applicant has to request a change of agent when submitting the new application.
- 2,584
Very interesting!
I guess the Ameriprise agent did know that.
However, they tell me they do not have the "first-in-house" rule anymore, so I would think even without the change of agent request, I would have no protection.
Is there anything I can do now?
I have talked to client and she feels bad but wants to "keep everything with ameriprise" so to speak.
I recommended she do that, and just continue with application and have Ameriprise agent be the "agent of record" and me the writing agent.
She said she needs to talk to Ameriprise about that.
I really don't like the Genworth policy on this. Maybe I'm wrong, but it doesn't seem right. I know other companies have the same policy, but they don't have as many distribution channels.
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I'm going to go out on a limb here and say, maybe someone might want to start re-thinking their Genworth relationship. Just sayin'...............
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Whoever chooses to. Food for thought.
Last week I met with a woman who applied with me; she mentioned that she had met with another Genworth agent. I saw an illustration ; plan design was very low end; and based upon her assets/income and special needs brother would not have been an effective plan . After completing an application with proper benefits it comes up in conversation that she applied with the Genworth rep. ( she didn't realize she applied- the Genworth agent used the term "preliminary inquiry!")
Well, when I saw the welcome letter I asked her who she wanted to be her agent and suggested she write a letter requesting me to be her agent. Which she did and which I submitted with her app. I knew nothing about Genworth's first in house protocol; or if there was a workaround. This just came as common sense to me, so after reading Scott's post I guess I managed to do it right. Luckily.
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I am rethinking my relationship in 25 days in 22 States.
I am considering rethinking my relationship in 25 days in 23 states.
Well, when I saw the welcome letter I asked her who she wanted to be her agent and suggested she write a letter requesting me to be her agent. Which she did and which I submitted with her app. I knew nothing about Genworth's first in house protocol; or if there was a workaround. This just came as common sense to me, so after reading Scott's post I guess I managed to do it right. Luckily.
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I am rethinking my relationship in 25 days in 22 States.
I am considering rethinking my relationship in 25 days in 23 states.
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- 2,584
I think I will re-think things.
I went with them on this case as I applied with another company at first, she was declined, genworth was a good fit. Others may have worked as well though.
Seeking Alpha article on Genworth LTC
Bloomberg article on potential downgrade
Insurance policies are only as good as the company backing them. I have sold a Genworth LTC policy and used some of their life products from time to time...but it isn't typically my first choice on companies to go to. With insurance you need to not only have the best policy today, but also the best policy in the future at a price that the client can afford. With the history of rate increases in the LtC market, companies like Genworth make me nervous. They have already had one rate increase on old blocks of business and it seems like they are trying to avoid the need for doing it again in the future by drastically changing their contract. I just hope it isn't too late.
Bloomberg article on potential downgrade
Insurance policies are only as good as the company backing them. I have sold a Genworth LTC policy and used some of their life products from time to time...but it isn't typically my first choice on companies to go to. With insurance you need to not only have the best policy today, but also the best policy in the future at a price that the client can afford. With the history of rate increases in the LtC market, companies like Genworth make me nervous. They have already had one rate increase on old blocks of business and it seems like they are trying to avoid the need for doing it again in the future by drastically changing their contract. I just hope it isn't too late.
