Deciding on Being a Genworth LTC Specialist

[caligirl]

I'm new to the industry so anyone have any good feedback on Genworth? .... being a LTC specialist?...
versus say
Independent?
I can stay signed up through a Super Producer like Asurea and do that or Genworth.
I'm thinking Genworth probably has some good training and I really really need some.

 

[xrac]

I'm new to the industry so anyone have any good feedback on Genworth? .... being a LTC specialist?...
versus say Independent?

I can stay signed up through a Super Producer like Asurea and do that or Genworth. I'm thinking Genworth probably has some good training and I really really need some.

Talk to AGLA. They may be an option.

 

[moonlightandmargaritas]

I'm new to the industry so anyone have any good feedback on Genworth? .... being a LTC specialist?...

LTC specialist? Sounds like a good way to go from broke...to really broke.

 

[billberry12]

Where are you located? That will have a lot to do with your success with Genworth.

 

[CALTCAgent]

I'm new to the industry so anyone have any good feedback on Genworth?

What do you want to know about Genworth?

.... being a LTC specialist?...

Its tough.

 

[caligirl]

I'm in California.

Thanks for the feedback... all good

 

[billberry12]

"business through a captive shop and lose them when I leave."

The old contracts would let you take renewals with you if you stayed captive for 24 months before you left. I'm not sure if that has changed with the new setup or not.

Right now, Genworth has a pretty attractive first year offering for new agents. My advice is, if you decide to go career Genworth, you MUST commit to at least two years. After two years, you will know if staying or leaving is best. Less than two years commitment, and you are fooling yourself.

This would be a perfect time to go Career with them for someone new to the business. Especially in CA.

Go for it.

By the way, I've been a long term care specialist for 12 years, 4 and 1/2 as a Genworth Career District Leader (Sales Manager). I went with them when they rolled out the AARP deal in fall of 2007. I left them a little over a year ago to go back to independant.

 

[Cenla Agent]

For what it's worth....

I thought it was a bad deal five years ago and ultimately passed on it. Glad I did. Unless things have changed, the only things that count toward your production requirements are LTC and Supps, and in many areas their supps are not competitive. My recollection is that there have been some recent threads by LTC specialists regarding dissatisfaction with some changes with Genworth as well.

Depending on where you'll be, you'd best be prepared to drive hours from home running down their leads. I knew one manager who would drive 3-4 hours one way to write business.

With regard to training, as with most if not all captive shops, the quality of that is largely going to depend on who your local manager is and not necessarily upon who the carrier is.

 

[CALTCAgent]

"business through a captive shop and lose them when I leave."

The old contracts would let you take renewals with you if you stayed captive for 24 months before you left. I'm not sure if that has changed with the new setup or not.

When I checked last, I believe it was longer than 2 years. It was also what I considered to be a bad deal for the agent.

I'd be curious if anybody knows the new contract?

2 years is a long time in my opinion, many things can and will change.

Right now, Genworth has a pretty attractive first year offering for new agents.

What is first year offer?

 

[billberry12]

It is my understanding that they will pay you $15,000 plus full commissions the first six months, you can have a 60/5 contract or a 80/1 contract, and you don't pay for leads the first 12 months. You must produce $50,000 AP, and 50% of that has to be agent generated business. The $15,000 is not a draw nor advance.

How accurate my information is, I'm not so sure, but I beleive it is spot on.

So, according to the math, a new agent could make $55,000 with a first year placed production of $50,000. Of course more than $50,000 production means more income.

Any way you slice it, that is a good deal for a new agent, and even some old agents that might not be doing so good on their own.

I would think you have to be able to do more than "pass the fogging a mirror" test to get hired with them now. They also have the best deal in town with the AARP product at least until next year. And the career agents are the only agents that can sell it.

All this is good food for thought, depenidng on where you are in life and in this busimess, and no, I'm not recruiting for Genworth. I'm just passing on information to help someone asking for it.