Since the Privileged Choice® Flex 3 (Flex 3) launch, we have received valuable feedback. This feedback, coupled with our desire to meet more consumers’ needs, led us to enhance Flex 3. The enhancements improve Flex 3’s competitive position and increase consumer value. Click here for the full Genworth Bulletin announcing this change.
States: AK, AL, AR, CO, GA, IA, ID, IL, KS, KY, LA, MD, ME, MI, MS, MO, MN, NC, NE, NM, NV, OR, PA, OH, OK, RI, SC, TN, TX, UT, VA, WA, WI, WV and WY
On July 20, 2015, Genworth Life Insurance Company will enhance our Flex 3 product in 35 states. The following outlines the product enhancements:
• Reducing base rates as much as 10%.1
• Adding an Informal Care option for Homemaker and Chore Care. This benefit
reimburses Informal Care for Homemaker and Chore Care up to 50% of the Home and Community Care Benefit.
• Adding the option to drop Waiver of Premium to reduce premiums.
• Including a Refund of Premium benefit up to age 65 at no additional cost.
• Introducing an Increase Coverage option, to allow policyholders to increase
coverage over time.
• Introducing a new Couple’s Discount. With the enhanced Couple’s Discount, if one member of a couple is issued a Flex 3 policy, they will receive a 15% Couple’s Discount off of their individual rate.
At the same time, we will launch the enhanced Flex 3 product in Maryland. We currently sell Privileged Choice® Flex 2 in Maryland. Access Privileged Choice® Flex 3 to Launch in Maryland bulletin here.
Current Privileged Choice Flex 3 Policies
In-force Flex 3 policyholders will be notified about the enhancements. Those enhancements along with the transition process for policyholders can be accessed here.
Producers with pending Flex 3 applications at the time of this launch will have the option of either submitting a new Coverage Selection form for the enhanced benefits or let the policy be issued as submitted. If issued as submitted, the policyholder will be converted as described in the process above.
1Rates for 5% and 4% compound inflation and the Standard underwriting category will not be reduced.
Transition Rules
Important Note: Prior to soliciting new business, verify your producer license is in good standing, you have completed all
required CE, and you are in compliance with all applicable licensure requirements. Applications will be returned if all such
requirements have not been met as of the date of the application. No exceptions will be made for applications resubmitted
after the cut-off dates as outlined below. For up-to-date information for Genworth applications, education and training
statuses go to https://pro.genworth.com.
Please carefully review the transition dates and rules below. No exceptions will be available.
Quote It!:
7/18 – 7/19 Online Quote It! will not be available.
7/18 – 7/19 Offline version of Quote It! will be available, provided it was downloaded before 9:00 AM ET Saturday, 7/18/15
7/20/15 The enhanced Flex 3 product will be available for quoting in launch states at 6:00 AM ET.
7/20/15 Offline Quote It! will require an update – Connect to the Internet and open Quote It! All saved quotes for
launch states will be updated to the enhanced Flex 3.
Paper Applications:
7/20/15 Last valid Home Office Receipt Date – current Flex 3 applications must be received by 8:00 PM ET.
7/20/15 Last valid Application Signed Date.
Faxed applications must be sent to either: 434 948.5566 or 800 456.8329. Applications may be emailed to
EMM-GNWLTCApps@genworth.com.
Note: Applications faxed or emailed to any fax number or email address other than those listed above may not make the
8:00 PM cutoff.
LTC Quick Request (QR):
7/17/15 Last day to submit QR current Flex 3 QRs must be received by 11:59 PM ET.
7/17/15 Last day to quote current Flex 3 for QR applications.
8/10/15 Current Flex 3 QR application interviews must be completed.
8/31/15 Last valid Home Office Receipt Date for signed current Flex 3 QR applications.
For additional information on Flex 3, access Privileged Choice® Flex 3 Enhancements Q&A guide.
For details on the Flex 3 transition process for current and pending policyholders, access
Genworth to Enhance Privileged Choice® Flex 3 for In-Force Policyholders bulletin.