Genworth to Enhance Privileged Choice® Flex 3 for In-Force Policyholders
On July 20, 2015, Genworth Life Insurance Company will enhance Privileged Choice® Flex 3 (Flex 3) in 35 states. We will transition in-force Flex 3 policies to the enhanced product. Click here for the full Genworth bulletin.
Policyholders will be notified via a letter outlining specific changes to their policies. The
following describes this process and what you and your clients can expect.
Process Overview
The transition process will begin approximately three weeks after the launch and will be done in phases every other week until all of the in-force Flex 3 policies have been updated.
Policyholders are not required to take action; however, they will have the option to make
changes. If the Policyholder returns a signed Benefit Election form requesting changes, the request will be processed and the policyholder will receive a letter of confirmation along with applicable rider and/or endorsement page(s).
Producers with pending Flex 3 applications at the time of this launch will have the option of either submitting a new Coverage Selection form for the enhanced benefits or let the policy be issued as submitted. If issued as submitted, the policyholder will be converted as described in the process above.
Producer Communication
Producers with clients that have Flex 3 policies will receive the following documents prior to the transition:
• Report of clients receiving the Flex 3 enhancements
• Sample of Policyholder Letter
• Rider and Endorsement Pages
• Benefit Election Form
• Beneficiary Designation Form for Return of Premium
Producers will receive a copy of their clients’ letters for reference.
On July 20, 2015, Genworth Life Insurance Company will enhance Privileged Choice® Flex 3 (Flex 3) in 35 states. We will transition in-force Flex 3 policies to the enhanced product.
Policyholders will be notified via a letter outlining specific changes to their policies. The
following describes this process and what you and your clients can expect.
Process Overview
The transition process will begin approximately three weeks after the launch and will be done in phases every other week until all of the in-force Flex 3 policies have been updated.
Policyholders are not required to take action; however, they will have the option to make
changes. If the Policyholder returns a signed Benefit Election form requesting changes, the request will be processed and the policyholder will receive a letter of confirmation along with applicable rider and/or endorsement page(s).
Producers with pending Flex 3 applications at the time of this launch will have the option of either submitting a new Coverage Selection form for the enhanced benefits or let the policy be issued as submitted. If issued as submitted, the policyholder will be converted as described in the process above.
Producer Communication
Producers with clients that have Flex 3 policies will receive the following documents prior to the transition:
• Report of clients receiving the Flex 3 enhancements
• Sample of Policyholder Letter
• Rider and Endorsement Pages
• Benefit Election Form
• Beneficiary Designation Form for Return of Premium
Producers will receive a copy of their clients’ letters for reference.