I Heard Genworth is Going to Increase Their Rates Summer or Fall

[VolAgent]

Re: I Heard Genworth is Going to Increase Their Rates Summer or F

Call Genworth and ask, they are the only ones that know the exact answer.

But, I'll go ahead and speculate. Odds are, unless they have some kind of rate lock policy, she'll have to pay the going rate in August.

 

[Frank Stastny]

Re: I Heard Genworth is Going to Increase Their Rates Summer or F

The reason I made this thread is because of this:

I signed a client with Genworth Long-Term Care a couple weeks back and she stated that in no way does she want this to go in to effect until August 15th which then she will pay an annual premium (of course she did not tell me this until a couple of days after I submitted it).

I told my GA that and he warned me he heard that Genworth will be increasing their new business in Summer or Fall.

My questions and concern is, if she already did the application and signed it and we sent it in BUT she requested, which I sent a cover letter after the fact, for it NOT to go in effect until August 15th. If the increase happens before August 15th, will my client be locked into the old prices since the application is already finished and sent in or will she get the "new business" increase?

My GA did not know and that is why I am turning to you guys.

The underwriters are your friends. Do what VolAgent suggested, call the company, don't look here for answers to questions like that.

Each companies policies on that may be different. For example, I wrote an app with MOO recently and dated it a few weeks prior to their current increase in MO. The effective date was going to be after the increase went into effect. MOO issued the policy with the premium prior to the increase and my clients now have a twelve month guarantee on the lower premium.

Program underwriting in your phone for each company you represent. You will have instant access to the correct information when you have questions.

You may want to consider a more helpful GA, one who either has the answers or knows how to get them.

 

[CALTCAgent]

Re: I Heard Genworth is Going to Increase Their Rates Summer or F

The reason I made this thread is because of this:

I signed a client with Genworth Long-Term Care a couple weeks back and she stated that in no way does she want this to go in to effect until August 15th which then she will pay an annual premium (of course she did not tell me this until a couple of days after I submitted it).

I told my GA that and he warned me he heard that Genworth will be increasing their new business in Summer or Fall.

My questions and concern is, if she already did the application and signed it and we sent it in BUT she requested, which I sent a cover letter after the fact, for it NOT to go in effect until August 15th. If the increase happens before August 15th, will my client be locked into the old prices since the application is already finished and sent in or will she get the "new business" increase?

My GA did not know and that is why I am turning to you guys.

1. Why does she want to wait until 8/15?

This would throw up some red flags for me, unless of course there was a "good" reason.

 

[scagnt83]

Re: I Heard Genworth is Going to Increase Their Rates Summer or F

1. Why does she want to wait until 8/15?

This would throw up some red flags for me, unless of course there was a "good" reason.

If she is paying an annual premium on a LTC policy then she might just be waiting to get paid from her work or something...


Considering that its not even June yet; its probably a long shot that the company would still honor the offer that they make now.

That being said; it really will depend on 3 things:
1. How long the underwriting takes
2. How long Genworth extends an offer of insurance coverage to an approved applicant
3. When Genworth rolls out the new policy line


I have had offers on life apps extended to 60 days before, but usually its around 30 days max (i try to never find out what the max is!!)


But as posted already; just call an underwriter and ask their opinion. If you can set the effective date as 8/15 on a policy being underwriten now, they might let you delay payment until then as well.

 

[CALTCAgent]

Re: I Heard Genworth is Going to Increase Their Rates Summer or F

If she is paying an annual premium on a LTC policy then she might just be waiting to get paid from her work or something...

I'd look at suitability if this is the case.

 

[Mr_Ed]

Re: I Heard Genworth is Going to Increase Their Rates Summer or F

The reason I made this thread is because of this:

I signed a client with Genworth Long-Term Care a couple weeks back and she stated that in no way does she want this to go in to effect until August 15th which then she will pay an annual premium (of course she did not tell me this until a couple of days after I submitted it).

I told my GA that and he warned me he heard that Genworth will be increasing their new business in Summer or Fall.

My questions and concern is, if she already did the application and signed it and we sent it in BUT she requested, which I sent a cover letter after the fact, for it NOT to go in effect until August 15th. If the increase happens before August 15th, will my client be locked into the old prices since the application is already finished and sent in or will she get the "new business" increase?

My GA did not know and that is why I am turning to you guys.

The premium is based upon application date, not effective date.

Your GA must not have understood your question.

 

[Arthur Rudnick]

Re: I Heard Genworth is Going to Increase Their Rates Summer or F

I was informed of the following from a Genworth Market Rep:

"Genworth has filed a new product that will be a blend of Classic Select & Privileged Choice. It will "average" only about 8% more in premium"

Take it for what it's worth.................

 

[billberry12]

Re: I Heard Genworth is Going to Increase Their Rates Summer or F

My thinking is, she's ok. Date of application rules I believe, but only if they will allow a future effective date that far out. Not sure about that one.

 

[Mr_Ed]

Re: I Heard Genworth is Going to Increase Their Rates Summer or F

My thinking is, she's ok. Date of application rules I believe, but only if they will allow a future effective date that far out. Not sure about that one.

a) don't bind the app... in other words take less than 3 months premium with the application. in that case they will issue the policy with an effective date that is two weeks AFTER the approval date.

b) if the two weeks after approval is too early, then just request a later effective date.

 

[VolAgent]

Re: I Heard Genworth is Going to Increase Their Rates Summer or F

This woman is really going to be hating life if she suffers a health change between getting approved and putting the policy into effect.