Lifetime FlexPlus II NY Available in New York
06-23-2008
On Monday, June 23, 2008, Genworth Life of New York's enhanced secondary guarantee universal life (UL) insurance product, Lifetime FlexPlus II NY, will be available in New York.
Key Points about Lifetime FlexPlus II NY
2001 CSO product with premiums payable to age 121
Replaces the 1980 CSO Lifetime FlexPlus NY product for new sales
Enhanced full pay competitiveness, especially for guarantee periods less than age 121, e.g., age 105
Competitive / more cost-effective catch-up now easily illustrated as a level premium in WinFlex
More resilient guarantee against the adverse effects of loans and withdrawals*
Available for certain traditional premium financing arrangements.
Transition Rules in NY
Through July 22, 2008, Genworth Life of New York will issue the product applied for unless they are notified to issue the new Lifetime FlexPlus II NY product prior to the date the policy is issued. If they are notified to issue the new Lifetime FlexPlus II NY product, a new, signed Lifetime FlexPlus II NY illustration will be required.
Genworth Life of New York will not reissue to Lifetime FlexPlus II NY in situations including, but not limited to, the following:
Reopen requests for policies that have been issued but not taken or null & voided
Requests to reissue existing policies to receive the new product
Requests to reissue policy if the request for reissue is for another reason, e.g., face amount change
Requests to reissue policy that was approved at a lower underwriting class than submitted
One insured receives a different rate from his/her companion
BGA is unable to run illustration for the old product.
Pending Cases and In-force Policies
Reissues to Lifetime FlexPlus II NY will not be permitted.
New Sales in NY
Lifetime FlexPlus NY applications received after July 22, 2008, will automatically be issued as Lifetime FlexPlus II NY.
For more information, or to request an illustration, please contact the BUA Life Sales Team at 800-792-6795.
