Genworth. I Need Feedback !

[caligirl]

I'm looking into getting contracted with Genworth ( prev. GE Capital ) and I'm totally new to this industry ( about 3 months).

I know they are known for their LTC. ...plus I would sell Life and Annuities Any feedback greatly appreciated....Thanks

 

[WinoBlues]

Re: Genworth ...need Feedback

I'm looking into getting contracted with Genworth ( prev. GE Capital ) and I'm totally new to this industry ( about 3 months).

I know they are known for their LTC. ...plus I would sell Life and Annuities Any feedback greatly appreciated....Thanks

How are prospecting?


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[MIGroup]

I'm looking into getting contracted with Genworth ( prev. GE Capital ) and I'm totally new to this industry ( about 3 months).

I know they are known for their LTC. ...plus I would sell Life and Annuities Any feedback greatly appreciated....Thanks

I was in the LTC contract agent program and left once they started charging for leads! Leads are $50 a pop and are pretty worthless from what current agents are telling me! I would avoid Genworth as the underwriting for LTC is pretty much impossible to get anyone coverage and due to a backlog go applications don't see anyone pushing anything through uw at this time!

LTC sales works if you have an extensive warm lead network with other brokers and FP, if you are just starting out, I would avoid LTC and focus on Life Insurance! hope this helps!

 

[rikwells]

I was in the LTC contract agent program and left once they started charging for leads! Leads are $50 a pop and are pretty worthless from what current agents are telling me! I would avoid Genworth as the underwriting for LTC is pretty much impossible to get anyone coverage and due to a backlog go applications don't see anyone pushing anything through uw at this time!

LTC sales works if you have an extensive warm lead network with other brokers and FP, if you are just starting out, I would avoid LTC and focus on Life Insurance! hope this helps!

I agree. Since most companies have got out of LTC business, Genworth is getting a lot more apps than before and because of that there underwriting seems to have gotten stricter. As far as getting appointed with them that would be fine. I myself am appointed with him. But there are a few things to consider. When you sell a term policy you are lining yourself up for future sales when the client realizes he wants to have some of that coverage last forever. Most Genworth term sold today is NOT convertible. I rarely ever sell their term because then I lose the future sale and my client loses a huge future benefit. Also, their annuities are not all that great either. LTC is strict, but that's where Genworth can help you. Starting out, I would definitely stick to Life Insurance at first. Everyone knows they're are going to die, so the life sale is easier. No one wants to to think they're going to need LTC so they lie to themselves.

 

[Tahoe Ray]

Starting out, I would definitely stick to Life Insurance at first. Everyone knows they're are going to die, so the life sale is easier. No one wants to to think they're going to need LTC so they lie to themselves.

I agree. Genworth is still competitive for "permanent term" (GUL) as well as LTC but they raised rates last month (on their LTC) and will probably have to do so again. In CA, Transamerica and Medamerica are close to GW on the LTC side.

For cash rich prospects, look at their "TLC" UL/LTC hybrid.

GW also offers a term/UL policy that you can 1035 cash value into and effectively create paid-up term.

A decent company but may be reaching capacity in many areas...

By the way, never quote LTC w/o a buy-in from the client...they need to want it before they will buy it. Random quoting of LTC will result in nothing but lost time and frustration.