On November 11, 2013, Genworth Life Insurance Company (Genworth) will be launching Privileged Choice® Flex 2 in the following additional states: CO, DC, IL, MT, OH, SC, WY. Click here for the full Genworth Bulletin.
Privileged Choice® Flex 2 versus Privileged Choice® Flex:
- Add 4% Compound Inflation Protection
- Reduce Maximum Issue Age from 79 to 75
- Pricing based on age, health and gender*
- Move from Couples Discount to Couples Premiums built into rate tables
- Adjust the definition of Couples to include spouses/partners only
- Change to Claims Offset on all Compound Benefit Increase Options
- Implement four underwriting categories: Preferred Best, Preferred, Select and Standard
- Require Formal Care Providers for reimbursement of Home Health or Personal Care Services; Formal Care Providers can be Independent
- Launch of a newly designed, simplified illustration and Quote It! user experience
*Colorado and Montana will have unisex rates instead of gender-specific rates. Policy issued under policy form series 8001.
State Availability
The state differences matrix and state map are now available.
Sales and Marketing Tool Changes
Marketing Materials will be available through normal processes on 10/28/13
Underwriting Materials will be available through normal processes on 10/28/13
Sales Tools:
– Quote It! will be available at launch
– LTC Quick Request will be available at launch
– Applications and Forms Booklets will be available on 10/28/13
Transition Rules:
Please carefully review the transition dates and rules below. No exceptions will be available. These changes apply to states where approvals have been communicated.
Important Note:
Prior to soliciting new business, verify your producer license is in good standing, you have completed all required CE, 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.
Paper Applications:
11/11/13 Last valid Application Signed Date (before noon). Please plan ahead if mailing applications, as 11/11 is Veterans Day and there will be no mail delivery that day. Genworth will not make ANY exceptions for apps received after the cutoff time on 11/11.
11/11/13 Signed applications must be in to Newman Long Term Care by 12:00 pm (Noon CT) for us to process the apps and email them to Genworth the same day.
11/11/13 Last valid Home Office Receipt Date – Flex applications must be received by 7:00PM CT
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.
Frequently Asked Questions:
To learn more about product changes, access Q&A here.
NOTE: Quotes on Privileged Choice Flex will not be available beginning November 09, 2013.