GENWORTH, THE END?

Mar 7, 2019

  1. Arthur Rudnick
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    Arthur Rudnick Moderator Moderator

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    [​IMG]

    Genworth | Bulletin



    March 7, 2019



    Suspension of All Individual Long Term Care Insurance and Income Assurance Annuity Sales Through the BGA Channel Effective March 11, 2019

    Effective Monday, March 11, 2019, Genworth will temporarily suspend sales of individual long term care insurance and the Income Assurance annuity through the BGA channel in all states. We will continue to sell these products through other channels.

    Effective Monday, March 11, 2019, the Genworth companies will no longer accept new applications from the BGA channel for our individual long term care insurance or annuity products, including:

    • Privileged Choice® Flex
    • Privileged Choice® Flex 2
    • Privileged Choice® Flex 3
    • Privileged Choice® Flex 3 - Element
    • Income Assurance Immediate Need Annuity
    This change does not affect the following:

    • Renewal commissions for in-force business
    • Pending business or related compensation
    • In-force policyholder servicing
    • In-force policy contractual provisions and benefits such as conversion rights
    Existing customers and their benefits will not be impacted by this change, and Genworth’s commitment to them remains as strong as ever.

    Transition Rules for New Applications and Pending Business Through the BGA Channel

    Electronic Tools


    03/08/2019

    Last day to submit an eApplication (eSuite of New Business tools)


    Quote it!


    03/08/2019

    Last day to quote individual long term care and Income Assurance annuity products


    Applications


    03/08/2019

    Last valid Application Signed Date

    03/11/2019

    Last valid Home Office Receipt Date for applications, must be received by 8:00pm ET


    Faxed applications must be sent to either: 434 948.5566 or 800 456.8329. Applications may be emailed to [email protected] .

    Note: Applications faxed or emailed to any fax number or email address other than those listed above may not make the 8:00pm ET cutoff.

    Pending Business


    04/12/2019

    Last day to receive pending new business requirements

    05/31/2019

    Last day to place pending new business in-force

    05/31/2019

    Pending applications closed that have not been issued in-force

    If you have application questions during the transition period, please contact your New Business Team representative.



    Genworth companies include:
    Genworth Life and Annuity Insurance Company, Richmond, VA
    Genworth Life Insurance Company, Richmond, VA
    Genworth Life Insurance Company of New York, New York, NY
    Only Genworth Life Insurance Company of New York is admitted in and conducts business in New York.


    ©2019 Genworth Financial, Inc. All rights reserved.


    325301 03/07/19
     
    Last edited: Mar 7, 2019
  2. yankee466
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    yankee466 Guru

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    Only for sale in China now. :biggrin:
     
  3. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    I wonder which channels that might be?
     
    DHK, Mar 7, 2019
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  4. Arthur Rudnick
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    Arthur Rudnick Moderator Moderator

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    Good point Herman, what now happens to China Oceanwide?
     
  5. yankee466
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    yankee466 Guru

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    Since they no longer have their own internal sales force, I did not think they had any other channels. Its not they are going to be the new AARP offering. Guess we'll hear soon enough. since 99% of my traditional business goes to MoO, I am not overly bothered.

    Maybe it is no more than preparation for their new generation of products that they have been in process of trying to roll out.
     
  6. Tahoe Ray
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    Tahoe Ray Guru

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  7. yankee466
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    yankee466 Guru

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  8. Mr_Ed
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    Mr_Ed Guru

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    The plan is to make GLIC a closed block and introduce the new products through the new company they purchased. This announcement is good. It means the new products from the new company will be here sooner than I'd expected.
     
    Mr_Ed, Mar 8, 2019
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  9. Arthur Rudnick
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    Arthur Rudnick Moderator Moderator

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    "The announcement is good news"????

    What could you possibly be thinking? It will take all of 48 hours for this to go public. Genworth, at one time the #1 LTC carrier on the planet closes up shop. What does that say to the potential LTC buyer?

    In NY, independent agents are now down to 2 carriers. There was only one carrier selling the NYS Partnership for LTC and guess who that was? GENWORTH!

    If they were coming up with a "new company" wouldn't you think the time to do so would be when they close their present company?

    NYS was one of the 4 original Partnership states and the first to offer 100% Asset Protection. The Partnership in NY is over. Pretty sad.

    But, according to you Scott, everything is wonderful.
     
  10. yankee466
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    yankee466 Guru

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    my understanding is that Genworth's LTC sales were too poor recently to continue support their BGA internal sales support team.....so they are all being let go as we speak. The majority of the business they were likely getting, and at least in my case, was business that other carriers would not approve in UW.....so in order to stop the bleeding and adding potentially more risky policies, it was easier to pull the plug.

    I was told they will continue selling the current products on an internal basis only with the call center team that they have....so I guess you can have your potential clients call Genworth if they still want to buy these products.

    Lets all hope and pray that maybe in the next year or so they will re-emerge with a new suite of innovative products that someone may want to purchase....and the policies will all come with free dim sum. :biggrin:
     
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