Genworth is Discontinuing GenGuard UL--Conversion Opportunity

[NinjaNic]

It is time to fire sale any previous term cases you wrote with Genworth/GE Capital into GenGuard UL. That is their only guaranteed product as of today. The product is being officially pulled on 9/2, with notice going out to BGA's and producers on Monday the 4th. The applications need to be in to Genworth by 9/2 and must be issued by 9/30.

Once pulled, a term client will only be able to convert to the Life Ready product. This is a TERRIBLE product. Not only is it 2-4X the cost of GenGuard, the verbiage on the contract itself to get some form of a guarantee is incredibly confusing.

There is no better time than now to call all of your Colony Term inventory (as Wino puts it) and talk about converting their term to perm. Do right by your clients and pick up the phone!

Any Pinney agents needing reports on their Genworth business with us, please let me know.

Side Note: How long do you think Genworth will continue even writing insurance at this point having axed half their line and bounced between term and term/UL for 5 years?!?

Nic

 

[Lewis_FL]

They just want to write IUL; no risk to the company.

 

[WinoBlues]

I printed off somewhere around 80 stats from the Genworth site and am organizing. Everyone will get touch in some form, but the low hanging fruit and the larger commission cases are on top. 30 days is a short window to get it all done considering that a lot of these will become rewrites. Many of these are hard core termites. So dialed down UL may be the ticket for them. IMHO

It is time to fire sale any previous term cases you wrote with Genworth/GE Capital into GenGuard UL. That is their only guaranteed product as of today. The product is being officially pulled on 9/2, with notice going out to BGA's and producers on Monday the 4th. The applications need to be in to Genworth by 9/2 and must be issued by 9/30.

Once pulled, a term client will only be able to convert to the Life Ready product. This is a TERRIBLE product. Not only is it 2-4X the cost of GenGuard, the verbiage on the contract itself to get some form of a guarantee is incredibly confusing.

There is no better time than now to call all of your Colony Term inventory (as Wino puts it) and talk about converting their term to perm. Do right by your clients and pick up the phone!

Any Pinney agents needing reports on their Genworth business with us, please let me know.

Side Note: How long do you think Genworth will continue even writing insurance at this point having axed half their line and bounced between term and term/UL for 5 years?!?

Nic