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Genworth Suspends LTCI Sales Through the BGA Channel

Posted by LTCI Partners | Mar 7, 2019 4:11:07 PM

 


  Genworth Logo Image Genworth | Bulletin      
  March 7, 2019
Suspension of All Individual Long Term Care Insurance and Income Assurance Annuity Sales Through the BGA Channel Effective March 11, 2019

Effective Monday, March 11, 2019, Genworth will temporarily suspend sales of individual long term care insurance and the Income Assurance annuity through the BGA channel in all states. We will continue to sell these products through other channels.

Effective Monday, March 11, 2019, the Genworth companies will no longer accept new applications from the BGA channel for our individual long term care insurance or annuity products, including:

  • Privileged Choice® Flex
  • Privileged Choice® Flex 2
  • Privileged Choice® Flex 3
  • Privileged Choice® Flex 3 - Element
  • Income Assurance Immediate Need Annuity
This change does not affect the following:
  • Renewal commissions for in-force business
  • Pending business or related compensation
  • In-force policyholder servicing
  • In-force policy contractual provisions and benefits such as conversion rights
Existing customers and their benefits will not be impacted by this change, and Genworth’s commitment to them remains as strong as ever.

Transition Rules for New Applications and Pending Business Through the BGA Channel

Electronic Tools

 
03/08/2019 Last day to submit an eApplication (eSuite of New Business tools)

Quote it!
 
03/08/2019 Last day to quote individual long term care and Income Assurance annuity products

Applications
 
03/08/2019 Last valid Application Signed Date
03/11/2019 Last valid Home Office Receipt Date for applications, must be received by 8:00pm ET

Faxed applications must be sent to either: 434 948.5566 or 800 456.8329. Applications may be emailed to EMM-GNWLTCApps@genworth.com.

Note: Applications faxed or emailed to any fax number or email address other than those listed above may not make the 8:00pm ET cutoff.


Pending Business
 
04/12/2019 Last day to receive pending new business requirements
05/31/2019 Last day to place pending new business in-force
05/31/2019 Pending applications closed that have not been issued in-force

If you have application questions during the transition period, please contact your New Business Team representative.

Genworth companies include:
Genworth Life and Annuity Insurance Company, Richmond, VA
Genworth Life Insurance Company, Richmond, VA
Genworth Life Insurance Company of New York, New York, NY
Only Genworth Life Insurance Company of New York is admitted in and conducts business in New York.

FOR PRODUCER/AGENT USE ONLY. NOT TO BE REPRODUCED OR SHOWN TO THE PUBLIC.

©2019 Genworth Financial, Inc. All rights reserved.



325301 03/07/19

 

Topics: Genworth

Written by LTCI Partners

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