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I don't do 1035's as a general rule. In fact, I've only done 2 in my 15 years in the business. One was 6 months after I got into the business, and the other one was a few months ago.
Now I know why.
A client wanted to move money from a Genworth UL into a Protective UL, so that she won't have to pay any more premiums, knowing that the face amount was going to be less, but still enough to satisfy her needs.
So, in February we processed the application, the underwriting was done by March, and all that was left, as of March 13, 2012 was the 1035 request from Protective to Genworth.
March came and went. No word. April came and went. No word. Now it is May. I called for the 10th time, and received the following email. (you can't make this stuff up)
Good afternoon Bob,
I received a return call from our Rep @ Genworth, she advised that she looked into the 1035 exchange on this file and was informed of the following information. The client’s policy is an old Life of Virginia policy and all of the policy holder services, including 1035, are handled by a large processing center in India. Unfortunately, there is not one person that actually handles these requests, they are all grouped together in one center and so she is unable to contact anyone over there to have this expedited. She was informed that it is in process and should be out shortly.
I apologize for the delay, I was not aware previously that this was being handled out of the States. Protective’s next follow up call to Genworth is scheduled for Monday 5/7 and hopefully they will have more positive news at that time.
Now I know why.
A client wanted to move money from a Genworth UL into a Protective UL, so that she won't have to pay any more premiums, knowing that the face amount was going to be less, but still enough to satisfy her needs.
So, in February we processed the application, the underwriting was done by March, and all that was left, as of March 13, 2012 was the 1035 request from Protective to Genworth.
March came and went. No word. April came and went. No word. Now it is May. I called for the 10th time, and received the following email. (you can't make this stuff up)
Good afternoon Bob,
I received a return call from our Rep @ Genworth, she advised that she looked into the 1035 exchange on this file and was informed of the following information. The client’s policy is an old Life of Virginia policy and all of the policy holder services, including 1035, are handled by a large processing center in India. Unfortunately, there is not one person that actually handles these requests, they are all grouped together in one center and so she is unable to contact anyone over there to have this expedited. She was informed that it is in process and should be out shortly.
I apologize for the delay, I was not aware previously that this was being handled out of the States. Protective’s next follow up call to Genworth is scheduled for Monday 5/7 and hopefully they will have more positive news at that time.
