Genworth's Total Living Coverage® Product Updates

News Image 11-03-2014

Total Living Coverage® Product Updates

On November 24, 2014, Genworth Life Insurance Company (Genworth Life) will update the Total Living Coverage® (TLC) product.

Premium Expense Charge
The premium expense charge will increase from 9% to 12% for each premium received.

Optional Return of Premium Rider
The optional Return of Premium Rider will change from Lifetime after year two to Lifetime after year three.

These changes will be effective on new business. The TLC product sold in CA, CT, FL, HI, and NY will not be impacted at this time by these changes.

The TLC Advantage
With these product updates, TLC will still have an advantage with, on average, 30% higher leverage than the leading competitor through the insured’s attained age 86.* TLC offers, on average, higher credited interest rates, stronger guarantees and better protection than its leading competitors. That means more value for your clients.

Transition Rules

WinFlex
11/10/14 The updated TLC product will be available. Both the current and updated TLC product will be in production for 2 weeks prior to launch. The default will be the current TLC product during these 2 weeks.

11/23/14 WinFlex will be turned off for the current TLC product at midnight.

Paper Applications

11/23/14 Last day the application plus existing IGO point of sale forms for the current product will be accepted for those states where the updated product is available.

11/24/14 First day to accept applications for the updated product.

TLC Quick Request

11/23/14 Last day tickets for the current product can be submitted in those states where the updated product is available. Tickets will be turned off at midnight.

11/24/14 The updated TLC product will be available.

01/16/15 Last day the current TLC product signed and completed applications can be received at the home office. We recommend that your clients complete their interview by 12/19/14 to meet the 1/16/15 deadline.
Marketing Materials

11/10/14 Updated TLC marketing materials and kits will be available.

AgentSuite

Contact

BUA Sales
Phone: 800-792-6795