- Thread starter
- #11
Genworth Life of NY Rating Drop! What to Do?
- Thread starter BullFrog
- Start date
Would not be to me. The B rating is not that big of a deal.. Those of us that were around in the 80s and 90s should remember that the A rated companies were folding just the same as the B companies.. Even a couple of staid old mutual went belly up. And, if Genworth were to do so, you are protected by your state guaranty fund. However, most likely another company would assume your policy.
- Staff
- #13
Dang.....LifeQuotes is trying to replace this with scare tactic's.....slimy....at that rate you are good.....now I am sure you meant 30 year term and not a UL......
Genworth used to have a term/UL hybrid like Protective does.
- 477
I'm not sure it's scare tactics or just being prudent, my E&O insurance won't even cover me if I write a B rated company. I don't think I would be to worried about their B rating for term but I would never convert to a whole life or UL policy with a B rated company. That is the reason I would change companies because a lot could change with your needs in 25-30 years.
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- Staff
- #16
you need a new e&o carrier.......
You are probably not totally accurate on your assumption about your E&O. It may not cover you for claims arising out of the insolvency of a B rated company but all other claims are covered just like if the company were an A++ company.
- 477
Your exactly right. You made a good point about some A+ rated companies in the 80's and 90's going under, you just never know.
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Easier said then done, I have to go with who my BD says, which I hate.
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Easier said then done, I have to go with who my BD says, which I hate.
- 24,968
Moot in this case. I am pretty sure it is a TGUL. Not convertible in the traditional sense. Changeable, may be? And _maybe_ to a better option than what is offered by many term plans today.
The people that are contacting him on this are most likely, churning to make a sale or just ignorant of what they are looking at. I remember a couple years ago debating with some posters about UL/GUL and they were broad brushing about guarantees, missed payments, loans and such. In this case _if_ the need is is fulfilled by a 30 guaranteed plan he is probably fine. To many US to know.
IMohsoHO.
- Thread starter
- #20
Guys, like I mentioned before, Im not insurance expert and maybr it was mistake not to do more research when I was shoping for one. I just looked into my paper work and my policy is called l:
Flexible Premium Adjustable Life Insurance, Term UL 30 Year.
So what that really means? Im sure that when I was purchasing it insurance rep told me that premiums are guaranteed for entire 30 years ...
Flexible Premium Adjustable Life Insurance, Term UL 30 Year.
So what that really means? Im sure that when I was purchasing it insurance rep told me that premiums are guaranteed for entire 30 years ...
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