Genworth will be launching their newest product, Privileged Choice Flex 3 with enhancements (Flex 3) in New York on April 4, 2016. The New York Partnership product will also be enhanced at this time. Click here for the full Genworth Bulletin on these changes, or read below for a summary and notable deadlines.
Flex 3 vs. Privileged Choice® Flex 2 (Flex 2) for New York
The following outlines the product changes from Flex 2 to Flex 3.
- Adding a new Informal Care option for Homemaker and Chore Care. This optional 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 the opportunity to apply for more coverage.
- Introducing a new Couple’s Discount. With the enhanced Couple’s Discount, whether or not both individuals apply, if one member of a couple is issued a Flex 3 policy, he or she will receive a 15% Couple’s Discount off of their individual rate.
Q&A: To learn more about enhanced Flex 3 product changes, access Q&A here.
Partnership Plus Enhancements
The following outlines the enhancements to Partnership Plus.
- Including a Refund of Premium on Death Before Age 65 Endorsement at no additional cost.
- Introducing an Increase Coverage option, to allow policyholders the opportunity to apply for more coverage.
- Introducing a new Couple’s Discount. With the enhanced Couple’s Discount, whether or not both individuals apply, if one member of a couple is issued a Partnership Plus policy, he or she will receive a 15% Couple’s Discount off of their individual rate.
Q&A: To learn more about Partnership Plus product changes, access Q&A here.
TRANSITION RULES
Prior to soliciting new business, verify your producer license is in good standing, you have completed all CE requirements, 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 cutoff dates as outlined below.
Please carefully review the transition dates and rules below. No exceptions will be available.
04/04/16 – The enhanced Flex 3 and updated Partnership Plus products will be available for quoting in launch states at 6:00 AM ET. 0
Deadlines for Paper Applications:
04/04/16 Last valid Application Signed Date.
04/04/16 Last valid Home Office Receipt Date – Flex 2 and updated Partnership Plus applications must be received by 8:00PM ET. Faxed applications must be sent to either: 434 948.5566 or 800 456.8329. Applications may be emailed to mailto: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.
If you have any questions on these deadlines, or need assistance in getting your business in before the cutoff, please call us at 800-625-9267 for assistance.