Category Archives: Wiig-Codr News

Pac Life Resurrects Genworth, Expands BGA Channel

FEBRUARY 2015– It was a heartbreaking announcement.

Genworth, with its rich First Colony tradition, was sold off to China. First Colony was one of the first life insurance companies to market term insurance through the fledgling brokerage general agency (BGA) model instead of relying upon a captive career sales force back in the 1950s. It was one of Wiig-Codr’s first contracts in 1976.

Over the decades, hundreds of Lynchburg, Virginia residents called this building on 700 Main Street their home. In the aftermath, the largely vacant building housed a skeletal staff. It was an asset to be sold off like the rest.

The historic Genworth building, 700 Main Street, Lynchburg Virginia

Then something curious happened. A little over a year ago, in April of 2016, Pacific Life bought the building. But this was no simple real estate acquisition. PacLife had a much grander vision. They had ambition to expand into the BGA arena.

Genworth Life had a great brand. Great people. Their Life portfolio was always rock solid –it was the LTC block that led to their demise. PacLife recognized this. China may have bought the block of business, but they left behind the building, the products, and the people –the ones who actually made it happen.

Instead of reinventing the wheel, PacLife decided to reinvent Genworth. They went all-in. They bought and renovated the famed Lynchburg building. They rehired many of the old employees. They even resurrected the product portfolio, with the same rates, commissions, bands, and structure of the old Colony Term series.

In May 2017, PacLife launched “Promise Series” Term, a virtual clone of the Colony Term. Their $500,000 monthly premiums are smoking hot across the board, with almost all cells scoring #1-#3 for all term periods.

–Now Available on GiddyUp Drop Ticket–
TOP 5 SWEET SPOTS:
  1. Build
  2. Total Cholesterol
  3. Blood Pressure
  4. Depression / Anxiety
  5. Sleep Apnea

Documents:

Consumer Guide
Fact Sheet
Product Specs
Underwriting Guide

Promise Series is priced to make a splash in the market and we’re excited to bring them on as a partner. Call or email for questions. Thanks again.