Genworth: Launching Flex 3 product in 42 states on 7/21

As previously communicated, Genworth will be launching Privileged Choice Flex 3 (Flex 3) on July 21.

Please read this email for important details to benefit changes coming with the new product, and application deadlines for the current Flex 2 product (apps must be into our office by 5 pm on 7/17).
While we’ve summarized this information below, you can read the full Genworth Bulletins by clicking here:

Changes to Flex 1 and Flex 2  (Bulletin) Read More

Benefit and Product Changes coming on July 21
Flex 3 vs. Privileged Choice® Flex 2 (Flex 2)

• Maximum Daily Benefit amount changed from $400 to $300
• Maximum Monthly Benefit amount changed from $12,000 to $9,000
• Benefit multiplier options no longer include 6, 8 or 10 years
• 2% compound inflation protection option added
• Future Purchase Option changed from 5% to 3%
• All home care services require an Agency (see the Q&A section for more information)
• The following riders are no longer available: Transition Benefit, Restoration Benefit and Refund of Premium Benefit
• Agent Commissions:Beginning with Flex 3, Genworth will no longer pay commissions on the premiums resulting from any future rate increases on the Flex 3 product. In the coming weeks, Genworth will distribute new commission schedules for Flex 3.

Changes in Flex 3, Flex 2 and Privileged Choice® Flex 1 (Flex 1)

• Minimum issue age raised from 18 to 40
• Genworth will no longer allow clients to purchase multiple individual long term care policies (see the Q&A section for more information)