Genworth has updated Privileged Choice Flex and Privileged Choice Flex California Partnership
On, September 14, 2015, Genworth Life Insurance Company (Genworth) changed benefit options and updated pricing for the Privileged Choice Flex® (Flex) and Privileged Choice Flex® California Partnership (Flex Partnership) products in California. The following outlines the product changes:
Changes that apply to both Flex and Flex Partnership:
- Changes in couple’s pricing structure
- Introducing gender-based pricing for individual applicants
- Moving from one to four underwriting categories
- Introducing a new streamlined illustration
- Reducing the maximum Monthly Benefit amount from $12,000 to $9,000
- Reducing the maximum Daily Benefit amount from $400 to $300
- Reducing the maximum issue age from 79 to 75
- Removing the Transition Benefit Rider option
- Removing 6 year Benefit Period option
Changes that apply to Flex only:
- Updating the available Monthly and Daily Benefit options to allow increments of $1
- Removing the optional Restoration Benefit Rider
- Changing the Future Purchase Option (FPO) from 5% compound to 3% compound
Click here for the original Genworth Bulletin featuring full details.