I wanted to make sure you saw this important note from Anthony Vossenberg, Genworth President of Distribution. While all of this is positive (improved substandard rates on UL, increased UL crediting rates and increased rates for annuities), of particular note is the reduction from $250,000 to $100,000 for term contracts not submitted through LQR to be commission eligible.
A Message from Anthony Vossenberg
You are a valued partner, and we want you to know that we heard your concerns about Genworth’s commitment to the life insurance and annuities businesses during our recent strategic review process. We understand that we need to demonstrate our commitment through actions to earn the right to more of your business.
We are committed to helping you grow your sales across all product lines. In addition to our turnkey marketing, educational offerings and thought leadership, we are actively working to bring you more competitive products. I’d like to highlight a few actions we’ve taken recently to build momentum:
- Starting September 14, all Colony Term applications with face amounts over $100,000, will be commission eligible when submitted through paper applications in addition to our industry-leading Life Quick Request® fulfillment platform. Colony Term continues to be a market leading product for face amounts under $500,000.
- Improved Index UL pricing on the majority of substandard table rated cases.
- Increased crediting rates across many traditional Universal Life insurance products.
- Increased rates across Fixed Index Annuity, SPDA and SPIA products. (From the home page, click the blue “View Rates” button on the right-hand side of the screen.)
- With lower costs and new features for our Privileged Choice® Flex 3 product, we’ve brought a more competitive product to market to help you increase long term care insurance sales.
Genworth has a long history of offering competitive life insurance, annuity and long term care insurance products to help families, in the event of death and in dealing with the financial challenges of aging. Genworth remains committed to that mission, and we look forward to sharing additional plans we have to improve our value proposition to you.
On behalf of Genworth’s Sales team, thank you for your business.