Effective July 31, 2017, Genworth will implement updates for Partnership Programs in Idaho, Maryland, Maine, New Mexico, and Pennsylvania. Policies that were sold on or after the state’s effective date, that meet the updated guidelines will receive notification from Genworth about this change.
Idaho (Effective Date 3/25/16) reduced the inflation protection requirements to qualify for their partnership program. The following outlines the requirements by age:
|
40 – 60 |
2%, 3%, 4% or 5% compound inflation protection |
|
61 – 75 |
2%, 3%, 4% or 5% compound or 5% simple inflation protection |
|
76 + |
Inflation protection is not required |
There will be a new Coverage Selection form and partnership disclosure for new business included in booklets to reflect these changes.
Maryland (Effective Date 6/6/16) reduced the inflation protection requirements to qualify for their partnership program. The following outlines the requirements by age:
|
40 – 60 |
2%, 3%, 4% or 5% compound inflation protection |
|
61 – 75 |
2%, 3%, 4% or 5% compound or 5% simple inflation protection |
|
76 + |
Inflation protection is not required |
There will be a new Coverage Selection form for new business included in booklets to reflect these changes.
Maine (Effective Date 2/6/16) reduced the inflation protection requirements to qualify for their partnership program. The following outlines the requirements by age:
|
40 – 60 |
2%, 3%, 4% or 5% compound inflation protection |
|
61 – 75 |
2%, 3%, 4% or 5% compound or 5% simple inflation protection |
|
76 + |
Inflation protection is not required |
There are no changes to forms or booklets for Maine since standard forms and booklets are used there.
New Mexico (Effective Date 7/1/15) introduced a Partnership program July 1, 2015. The following outlines requirements by age for their program:
|
40 – 60 |
2%, 3%, 4% or 5% compound inflation protection |
|
61 – 75 |
2%, 3%, 4% or 5% compound or 5% simple inflation protection |
|
76 + |
Inflation protection is not required |
There are no changes to forms or booklets for New Mexico since standard forms and booklets are used there.
Pennsylvania (Effective Date 9/16/16) reduced its Partnership program inflation protection requirements. The following outlines requirements by age for their program:
|
40 – 60 |
2%, 3%, 4% or 5% compound inflation protection |
|
61 – 75 |
2%, 3%, 4% or 5% compound or 5% simple inflation protection |
|
76 + |
Inflation protection is not required |
There will be a new Coverage Selection form for new business included in booklets to reflect these changes.
Indiana – On July 31, 2017, we will add an Indiana Partnership form to booklets.
Transition Rules
Please carefully review the transition dates and rules below. No exceptions will be availble.
| Forms | |
| 7/31/17 | First day updated forms and booklets will be available for use. |
| 8/31/17 | Last valid Home Office Receipt Date for old forms. |
| Electronic Tools | |
| 7/31/17 | First day updated forms will be available in eApp (eSuite of new business tools). |
| 7/31/17 | First day updated forms will print with the illustrations. |
***When you use the eSuite of new business tools, you are always up-to-date on forms changes.***
Genworth to Implement Partnership Changes July 31, 2017
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