Effective April 9, 2012, Genworth Life will launch Privileged Choice® Flex in Connecticut, Minnesota, Hawaii and Virginia. These additional states will bring the total availability of Privileged Choice Flex to 47 states nationwide plus DC. At this time Genworth will also enhance the Connecticut Partnership offering to align with our new features and benefits.
Key Features and Benefits available with Privileged Choice® Flex
- “Now” Benefits -Genworth and Mayo Clinic have teamed up to offer Live+Wellsm, a groundbreaking wellness program available to insureds and their spouses/partners.
- Caregiver Support Services provided through CareScout ® helps policyholders and their immediate family when there is a long term care need.
- Enhanced Shared Coverage offers a 50% minimum guarantee.
Pricing
The improvements included in Privileged Choice Flex – coupled with Genworth Life’s comprehensive evaluation of their product assumptions, have resulted in moderate average price increases in most states. At launch, they will implement our nationally available premiums and discount structure in Connecticut which features a 50% discount (40% couples discount & 10% preferred discount). With the new discounts, the average premium changes in CT will differ from the national average.
Please see the frequently asked questions document for additional information about rate changes.
State Availability
Please see the state map to view the expanded state availability with the April launch.
Transition Rules
4/5/12 Thursday, April 5, 2012 will be the last day to submit applications via E-Tools. Genworth offices will be closed Friday, April 6 due to a holiday.
4/8/12 Last valid Application Signed Date for Privileged Choice® or Classic Select®.
4/9/12 Privileged Choice Flex will launch in newly approved states. All applications dated on or after April 9, 2012 must use the new applications and forms for Privileged Choice Flex.
5/11/12 Last valid Home Office Receipt Date for current products applications. Applications must be signed and dated on or before 4/8/12.
New Marketing and Point of Sale materials will be available in advance of the launch
- New applications, forms, product brochures and marketing materials will be available to download and order through normal fulfillment channels in advance of the launch.
Click here for a frequently asked questions document. Additional details, including a complete list of launch states, new form numbers and deadlines will be communicated 30 days in advance.
What should you do?
If you have any outstanding Genworth quotes in these states, you should begin following up on those immediately. The pricing for comparable benefits will be higher for many clients. Contact our Internal Wholesalers today for assistance in getting your business placed today. For more information on the new or current Genworth products, please call us at 800-625-9267.