On February 9th, 2015, Genworth Life Insurance Company (Genworth Life) will lower the Total Living Coverage® credited interest rate from 3.85% to 3.60% on new policies. Genworth Life periodically reviews market conditions and interest rates. Due to the continued low interest rate environment, Genworth Life has determined an adjustment to the credited interest rate for TLC is necessary. Click here for the full Genworth bulletin.
This change will not affect the TLC product available in CA, CT, FL, HI and NY.
The TLC Advantage
With these product updates, TLC still has an advantage with, on average, 22% higher leverage on both long term care and life insurance benefits than the leading competitor through the insured’s attained age of 88.* TLC offers, on average, higher credited interest rates, stronger guarantees and better protection than its leading competitors. That means more value for your clients.
Transition Rules
WinFlex: 1/26/15 The new rate 3.60% will be available by selecting the “Use New Rates” option in the WinFlex tool.
2/8/15 The current rate 3.85% will be turned off at Midnight.
2/9/15 The new rate will be the only rate available.
Application Submission – Paper Applications:
2/8/15 Applications may be submitted via fax to 888 296.1081 until midnight.
2/8/15 Applications received by Midnight will have an initial credited interest rate