Genworth Retail Sales Agent Program

[Westcoastnative]

I'm looking at getting appointed with Genworth as a Independent Retail Sales Agent mainly selling their LTCi products. I'd appreciate any input from any agents that have first hand knowledge of their training program and products and whether this would be a good route to go for a new LTCi agent.

 

[Arthur Rudnick]

previously posted by westcoastnative

I'm looking at getting appointed with Genworth as a Independent Retail Sales Agent mainly selling their LTCi products. I'd appreciate any input from any agents that have first hand knowledge of their training program and products and whether this would be a good route to go for a new LTCi agent.

If you're first starting out in the LTC business, proper training is very important

However, in order to go through training with Genworth, you'd have to be a captive agent with them. So initially, "independent" is not on the table.

If hiring, Genworth will train you and supply leads for you to work with.

Their products are evolving and as we speak, new products are being introduced. Premiums will be higher and benefits will be limited.

Look for a Genworth office in your city and call for information.

Good luck.

 

[Westcoastnative]

Hi Arthur,

I already met with the GA. They no longer offer free leads for their agents but they upped their commissions to 60/5 and 85/1. Their GNW generated DM leads are expensive at $75 a pop. This is a 1099 with no benefits and I believe I would be only captive on the LTC products. But if the training is really good it might be worth it to be captive in the beginning as long as lead costs didn't eat me alive.

 

[Arthur Rudnick]

previously posted by westcoastnative

I already met with the GA. They no longer offer free leads for their agents but they upped their commissions. Their GNW generated DM leads are expensive at $75 a pop. This is a 1099 with no benefits and I believe I would be only captive on the LTC products. But if the training is really good it would be worth it to be captive in the beginning as long as lead cost didn't eat me alive.

Agreed, $75/lead is a little off-the-wall.

If these are nothing more than direct mail, you could most likely do much better by purchasing them on your own.

GNW also offers life insurance, annuities and LTC/Life hybrid policies.

Down the road, once you have a handle on the business, you can always go independent.

Be sure to find out how the vesting process works. Ideally, you'd like to retain your renewals.

 

[Westcoastnative]

I believe they said it takes 3 years to vest. You didn't comment on their training. Do they provide a good foundation for new LTC agents?

 

[Arthur Rudnick]

I believe they said it takes 3 years to vest. You didn't comment on their training. Do they provide a good foundation for new LTC agents?

From what I've heard, they do.

If anyone here started their career as a captive agent with GNW, please share your thoughts.

 

[ltcadviser]

Training should be good. I sure would recommend waiting until July 21 to get a peak at their new pricing just to make sure the new GNW rates are still good.

 

[CALTCAgent]

This is a 1099 with no benefits and I believe I would be only captive on the LTC products. But if the training is really good it might be worth it to be captive in the beginning as long as lead costs didn't eat me alive.

Cons

1. You will lose your residuals, this adds up in the thousands
2. Leads at 75 a piece will eat you alive
3. I would not want only 1 company for LTC. People want options, you need options because of underwriting.
4. I am sure you will need to be captive on other products or you can't sell other products to their leads.

 

[Mr_Ed]

I'm looking at getting appointed with Genworth as a Independent Retail Sales Agent mainly selling their LTCi products. I'd appreciate any input from any agents that have first hand knowledge of their training program and products and whether this would be a good route to go for a new LTCi agent.

the most important question is this: what state are you in?

If you are in CA, IN, CT, HI, MD, NY, VT, FL, or MT then Gnw will have a competitive product in those states for the foreseeable future-at least 18 months, probably over 24 months. If you are in any other state, do not bother becoming a gnw captive agent.

After your first 12 months, focus on developing strategic alliances with other insurance professionals and financial advisors to create your own leads.

Do NOT do the 60/5. Do the 85/1 because you'll probably leave within 2 years.

 

[Westcoastnative]

Thank you to all that commented.