Genworth Announces Suspension of Life & Annuity Business

News Image 02-05-2016

On February 4th, Genworth shared news in their earnings release about important changes being made to their current product portfolio. Genworth will be refocusing sales efforts to develop solutions that meet the financial challenges of aging, including individual and group long term care (LTC) insurance, and over time, the development of other products and services that meet this growing need. To support these priorities, Genworth has decided to suspend sales of all traditional life insurance and fixed annuity products.

Genworth’s strategic priorities remain to improve the performances of their businesses and increase financial and strategic flexibility — while keeping promises to policyholders. The decision to suspend new sales of these products in no way diminishes their commitment to providing service to our existing 2.8 million life and annuity policy and contract holders and their beneficiaries.

The decision to suspend life and annuity sales is intended to be permanent.

The last day for any new submitted life and annuity business will be March 7th.

Please review the bulletin and FAQs for additional information.

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BUA Life Sales
Phone: 1.800.792.6795