Privileged Choice Flex 2 to Launch April 15, 2013
On April 15, 2013, Genworth will launch Privileged Choice® Flex 2 in 31 states (AL, AK, AR, AZ, DE, GA, IA, ID, KS, KY, LA, ME, MI, MN, MS, NC, ND, NE, NH, NJ, NM, NV, OK, PA, RI, SD, TN, UT, WA, WV, WI). This product has a new pricing strategy and introduces new underwriting practices to help reduce risk and improve the sustainability of their long term care insurance products.
For a complete listing of changes coming to this product, all deadlines, and release dates for new marketing materials, please read the official Genworth Bulletin.
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. Failure to do so will cause a delay in processing and will require your client’s application be processed using the new underwriting requirements.
Deadlines for Paper Applications:
4/12/13 Applications must be received by Home Office at 3:00 EDT to receive the current underwriting. Anything received between then and the April 22 deadline will be subject to the new underwriting.
4/22/13 Applications must be received by the Home Office by 3:00PM EDT
Please note: There is no official “sign by” date, as long as apps are into the Home Office by the 4/22 deadline. However, we will be unable to generate quotes for the Flex product in these states after 4/15.
Please see the Frequently Asked Questions and Answersfor additional information.
Also distributed today were the following, related bulletins: