In Force Genworth Colony Term

[AZDave]

What do you guys (and gals) recommend for Genworth customers? I have a Colony Term UL 20. Policy inception is 2012. Current age 53, no health history, so currently insurable. Replace? Or let it ride.....

This down grading and financial trouble makes me wonder.

I'm a P & C guy now. I use to be active in life sales back in the captive days.

Thanks in advance!

Dave

 

[WinoBlues]

What do you guys (and gals) recommend for Genworth customers? I have a Colony Term UL 20. Policy inception is 2012. Current age 53, no health history, so currently insurable. Replace? Or let it ride.....

This down grading and financial trouble makes me wonder.

I'm a P & C guy now. I use to be active in life sales back in the captive days.

Thanks in advance!

Dave

Depends on what you plan to do. If your plan are or could be to continue all or some of the coverage past the 20 years I would start quoting yourself out now. The current conversion option is poor, I would bet it will become worse. I do not remember off the top of my head if the TermUL has the same conversion rights or not.

In your planning I would pay special attention to year 21. If you may want some coverage after that I would build it in now. Get the flood insurance before the flood.

 

[Robert Barney]

What do you guys (and gals) recommend for Genworth customers? I have a Colony Term UL 20. Policy inception is 2012. Current age 53, no health history, so currently insurable. Replace? Or let it ride.....

This down grading and financial trouble makes me wonder.

I'm a P & C guy now. I use to be active in life sales back in the captive days.

Thanks in advance!

Dave

Unless you can improve it in price, I wouldn't be paniced.

You have 16 years to go, so how does the price you pay compare to a 15 year old policy at your current age?

Term4Sale - Term Life Insurance Quotes and Comparisons

 

[WinoBlues]

Unless you can improve it in price, I wouldn't be paniced.

You have 16 years to go, so how does the price you pay compare to a 15 year old policy at your current age?

Term4Sale - Term Life Insurance Quotes and Comparisons

Is it just about price? How much of a difference makes it better for him to keep Genworth?

 

[scagnt83]

I have a client right now who is seriously regretting purchasing his term based on price 15 years ago. He came close to purchasing a slightly better carrier with better conversion options, but it was $15/m more.

At the time, he was looking at how he was going to save $3,600 over the course of 20 years.... now he is looking at paying $3k more per year for his GUL than he could have... the cheap term does not have a GUL or decent UL to convert to.

He saved $3,600 over 20 years. But over 40 years he will spend $50k more than he could have if he had chosen the better quality policy.

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What do you guys (and gals) recommend for Genworth customers? I have a Colony Term UL 20. Policy inception is 2012. Current age 53, no health history, so currently insurable. Replace? Or let it ride.....

This down grading and financial trouble makes me wonder.

I'm a P & C guy now. I use to be active in life sales back in the captive days.

Thanks in advance!

Dave

The policy will be fine. If GW goes into receivership the term block will likely be sold to a different carrier. If the block is not sold, it is still backed up by the SGA.

More importantly, you need to evaluate your needs in the future. Is there a chance you will need or want coverage past the end of the term? If there is a possibility of that, then that would be your reason to replace it. Your current policy has some of the worst conversion options in the industry... and when a carrier stops new sales on life products those conversion options usually get even worse as the years go on.

 

[AZDave]

Thanks for the reply's.

In brief looking, seems other company's are around $40 more per month for same death benefit.

Brings me to my next question: who would be a recommended company for term today with a good product to convert to later?

I need more coverage anyway, so I will either keep this and add to it, or replace entirely.

Dave

 

[scottstreet]

ONL if you want the option to convert to good WL from low cost term
NA/Midland if you want the option to convert to good IUL from competitive term

 

[scagnt83]

Thanks for the reply's.

In brief looking, seems other company's are around $40 more per month for same death benefit.

Brings me to my next question: who would be a recommended company for term today with a good product to convert to later?

I need more coverage anyway, so I will either keep this and add to it, or replace entirely.

Dave

When it comes to conversion, you need to look at both the product they have now, and what they are likely to have in the future. A carrier that is heavily focused on life insurance is more likely to have decent products available in the future. Take GW for example, Life insurance made up a tiny part of their overall business.

NA, LFG, Met, Mass, Guardian, ON, Penn are all good options. I think MoO is convertible too... I cant remember at the moment. (can anyone confirm if MoO is or isnt convertible?)

 

[NinjaNic]

I believe your block was just sold to Protective. I imagine your checks will start going to them very soon.

Secondly, as term, you are fine. But, since getting rid of GenGuard, you are left with crap conversion options. If you wanted to convert later, may want to shop around.