Genworth Privileged Choice Flex......it Begins

[yankee466]

I'll assume we'll get lots on comments and questions with the new Flex product launch yesterday. I found myself playing with Quoteit today and wondering why Stratecision is dragging their heels with the new product until some time next week (hopefully). Sure wish everyone would copy what United of Omaha uses for their quoting....what a beautiful product. Don't forget to turn off pop up blocker on your IE or you may never get an illustration to print.

Anyway.....my post for today is that I sold a Privileged choice shared plan plan to a 53/57 preferred couple a short while back and am in the process of delivering the policy. The client asked about the new Flex product he "somehow" heard about.....and before I told him it was just a plot for Genworth to raise their rates, I re-quoted them with the new Quoteit tool....and to my surprise.....real apples to apples, the Flex plan came out only about a mere 2.8% more. Not bad with the guaranteed 50% of the spouse's pool. I included 10 year survivorship as well, as it is now an option like with Classic Select.

I hate to re-apply him, but it almost makes sense. I'll assume that GNW will jack up the rates on the older plans long before they start looking at the new book of business.

Looking forward to hearing others' thoughts on experiences like this....or comments about the new product in general. Maybe Mutual of Omaha will not be cleaning everyone's clock like we thought after all.

 

[Arthur Rudnick]

Herman,
Genworth has filed their Flex Plan in NY but it has not yet been approved.

Will this new product replace Privileged Care & Classic Select or will both co-exist?

 

[yankee466]

Herman,
Genworth has filed their Flex Plan in NY but it has not yet been approved.

Will this new product replace Privileged Care & Classic Select or will both co-exist?

Arthur:

As of 08/15, Flex is the ONLY product available in most states, including Georgia. That is why I am somewhat peeved with Straticision for having nothing I can quote but unsaleable products. Its not like they did not know GNW was doing this. arg.

You will see that Flex is now a two pool plan like everyone else, but I was rather pleased to hear that when one spouse dies, that spouses pool does NOT freeze, but keeps growing just like it was one shared pool. That is a definite PLUS over the competition...along with the inability for one spouse to exhaust the other spouse's pool.

 

[Arthur Rudnick]

Thanks, I'll have to wait for the company roll-out.

 

[yankee466]

At least it is nice to see that Straticision has finally caught up with the new GNW Flex product. Hopefully they got all the kinks out.