Effective February 9, 2015, Genworth Life Insurance Company (Genworth Life) and in New York, Genworth Life Insurance Company of New York (Genworth Life of New York) will reduce Total Living Coverage® (TLC) commission in all states. The standard agent level commission rate will be reduced to 6.5%.
This decision was not taken lightly. When we make these decisions, our goal is to balance consumer value and value for our distribution partners. The new commission rate will continue to be competitive after this change.
Systems will be updated automatically to change the compensation rates.
Updated Commission Schedules with additional details were distributed to Agency Principals on January 12, 2015.
Read the full Genworth bulletin for complete details, including transition rules.
