Recently Wrote a Genworth Annuity

Discussion in 'Annuities Forum' started by dabulls, Feb 25, 2015.

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  1. dabulls
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    dabulls Well-Known Member

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    So I submitted an app in January for 10yr FIA 300k NQ. It took forever for the transfer of funds, but just was issued today.
    My question is, with GNW's recent troubles with LTC finances and their downgrade on AM Best. Should I look to switch to another company during the free look period?
    Thank you guys and girls

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    The product was the Secureliving index 10 plus. Client liked the bailout provision.
     
  2. DHK
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    DHK Well-Known Member

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    The company still has an A- rating according to A.M. Best... which is still covered by your E&O and still an "excellent ability to meet claims".

    If it were me, I wouldn't worry about it... unless you made a really big deal about Genworth's ratings when you were selling this.
     
  3. dabulls
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    dabulls Well-Known Member

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    Thank you for your response. I wrote this policy before the rate changes. Client really liked the bailout provision (2.7%). I just need to make sure they gave us the rates prior to 01/28.

    If the rates are lowered, as well as the bail-out rate, could I switch him to another carrier without creating a taxable event? I am familiar with qualified funds transfers, 1035, roll-overs, etc. but I never had to transfer the money within the free-look period(as if the policy never existed). I don't want them to send the money back to the original custodian.

    Thank you
     
  4. TevisVerrett
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    TevisVerrett Well-Known Member

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    I am curious, WHY it took a month and a half or Genworth to issue the policy. . . as the OP wrote.

    In my limited experience, EVERYTHING gets wrapped up and we get paid within a month.

    Also, the bailout provision is the ONLY reason I am still interested. Is anybody writing these annuities currently?
     
  5. dabulls
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    dabulls Well-Known Member

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    Honestly it was former custodian of the funds that took forever and not Genworth.
    I haven't wrote a Genworth since then but might next month.
     
  6. whistle
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    whistle New Member

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    Any info about JD Mellberg and index annuitys with LTC with either F&G or American Equity companies advertise a 7% rider for income and double for LTC just checking if anyone has any information ?

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    What is JD Mellberg Financial to the F&G and Ameican Equity companies ? How do they work together ?
     
  7. SanDiego619
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    SanDiego619 Well-Known Member

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    If you are securities licensed I would steer clear of Melberg. His marketing practices are a little questionable. This is the reason he lost his ability to sell Allianz.

    I suppose you maybe a consumer and these annuities are all something any of these agents on these forums can offer. American Equity is a great choice if your state has the income doubling available. If your CA then FnG would have to be the choice (of those 2 carriers).
     
  8. bobson
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    bobson Well-Known Member

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    I've yet to see an E&O policy that excludes coverage for a carrier rated less than B+ except for company insolvency.
     

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