Genworth: Updates to Conversion and Term Requalification Life Insurance Products

12-02-2019

Effective January 1, 2020 Genworth will replace the Life Ready UL II, Life Ready UL II NY, and Lifetime Protector SG II conversion products with the new Genworth Whole Life Conversion Policy as the conversion product in all states.  

Also effective January 1, 2020 Genworth will be updating the national term requalification product, Colony Term, in all states except New York.

*Important* Genworth will not pay first year or renewal commissions on the new Genworth Whole Life Conversion Policy or the updated Colony Term 10 requalification product.  

Key Dates & Transition Rules

Genworth will begin accepting forms for the new/updated products effective December 23, 3019.

Conversion Requests received prior to December 23, 3019 will be issued as Life Ready UL II, Life Ready UL II NY, or Lifetime Protector SG II.  However, the last available policy effective date for these products will be December 31, 2019.

Requests received for the Term Requalification product prior to December 23, 2019 will be issued as the current Colony Term life insurance policy.  However, the last available policy effective date for the current Colony Term life insurance policy will be December 31, 2019.

Any conversion or term requalification requests received December 23, 2019 or later will be issued as the new Genworth Whole Life Conversion Policy or the updated Colony Term 10 life insurance policy, respectively.  Policy effective dates will be January 1, 2020 or later.

Any conversion or term requalification requests received prior to December 23, 2019 that cannot be issued with an effective date of December 31, 2019 or earlier, will be issued as the new Genworth Whole Life Conversion Policy or the updated Colony Term 10 life insurance policy, respectively, with an effective date of January 1, 2020 or later. 

Forms

The Conversion without Evidence of Insurability Form should be used for Conversion Requests of the same or lower face amount and underwriting class.  This product is not available for face amounts that exceed the face amount of the converted policy.

The Policy Change Form Part II with Underwriting should be used for Term Requalification requests.  This product is not available for face amounts that exceed the face amount of the original term policy.

Quote Tool

The new Genworth Whole Life Conversion Policy quote tool will be available on December 23, 2019 at the following link: please note this link will not be operational until Dec. 23rd.

 

Please give us a call at 1-800-792-6795 should you have questions or if you need assistance.