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Genworth Changes Rate Lock Guidelines

New Changes Effective Immediately

01-08-2009

Transfers of non-qualified funds
Genworth will now offer a 60-day rate hold for transfers of non-qualified funds from sources such as money market accounts, mutual funds, certificates of deposit, and brokerage accounts.
To qualify for the 60-day rate hold Genworth must initiate and administer the transfer.
The rate change submission guidelines for these non-qualified transfers will now mirror those of 1035 exchanges and qualified transfers.
Genworth Life must receive the application within seven calendar days of being signed, and the premium must be received within 60 days of the application signed date.
Transfers of non-qualified funds initiated by broker/client will continue to fall under the "Cash with Application" submission guidelines and be eligible for a seven-day rate hold.

Please call Rob or Jim with your questions or quote requests.