Today, February 9th, 2015, Genworth Life Insurance Company (Genworth Life) will lower
the Total Living Coverage® credited interest rate from 3.85% to 3.60% on new policies.
Genworth Life periodically reviews market conditions and interest rates. Due to the
continued low interest rate environment, Genworth Life has determined an adjustment to
the credited interest rate for TLC is necessary. Click here for the original Genworth Bulletin on this.
This change will not affect the TLC product available in CA, CT, FL, HI and NY.
The TLC Advantage
With these product updates, TLC still has an advantage with, on average, 22% higher
leverage on both long term care and life insurance benefits than the leading competitor
through the insured’s attained age of 88.* TLC offers, on average, higher credited
interest rates, stronger guarantees and better protection than its leading competitors.
That means more value for your clients.
Transition Rules
WinFlex:
1/26/15 The new rate 3.60% will be available by selecting the “Use New
Rates” option in the WinFlex tool.
2/8/15 The current rate 3.85% will be turned off at Midnight.
2/9/15 The new rate will be the only rate available.
Application Submission – Paper Applications:
2/8/15 Applications may be submitted via fax to 888 296.1081 until midnight.
2/8/15 Applications received by Midnight will have an initial credited interest rate
of 3.85%.
2/9/15 Applications received will have an initial credited interest rate of 3.60%.
TLC Quick Request:
2/8/15 Last day to submit a TLC Quick Request ticket at the 3.85% credited interest rate.
3/2/15 Last day recommended for interviews at the current 3.85% credited interest rate.
3/23/15 Last day applications (from TLC Quick Request phone interviews) at the current 3.85% credited interest
rate can be received at the home office.