In Force Rate Actions: Quoting Tool Enhancements

In June, 2015, Genworth announced a new producer quoting tool to help prepare you for conversations with your clients about premium increases. Good news! We recently made a number of enhancements to the tool, including a target premium feature that will allow you to more easily tailor benefits to fit your client’s budget. Check out the enhanced quoting tool today! Helpful reminders When you can run quotes.  For any particular policyholder, you can run quotes for the new rates after we’ve mailed the policyholder letter. Notification typically happens at least 60 days before the rate increase effective date. Accessibility.  The
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Categories: Genworth and Long-Term Care.

2016 Partnership Minimum Benefit Requirements for CA, CT, IN and NY

Each year, the original Partnership states (CA, CT, IN and NY) revisit and adjust minimum benefit requirements to qualify for their Partnership programs. Transition Rules Policy Issue California, Connecticut and New York Partnership minimum requirements are based on the date of application. Indiana Partnership minimum requirements are based on the policy effective date. Applicants who choose the Conditional Insurance Agreement, provide the necessary premium and meet underwriting requirements will be issued policies with an effective date that matches their date of application. Genworth must ensure that Partnership policies issued January 1, 2016, or later meet the new minimum benefit requirements.
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Categories: Genworth and Long-Term Care.

In-Force Rate Action Announcement: North Carolina

In September 2013, we announced our intention to seek premium rate increases on certain Privileged Choice® and Classic Select® policies sold between 2003 and 2012. We recently received approval for the rate increase in North Carolina as indicated in the chart within the announcement. Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications. Policyholder notifications will begin December 1, 2015 and will continue throughout the next year. Impacted policyholders will be notified at least 60-days in advance of their billing anniversary dates. In-Force Rate Action Announcement: North
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Categories: Genworth and Long-Term Care.

It’s time to unwrap your new LTCI opportunity.

Your time is valuable. But it could be worth even more than you thought. Spending just a little more time on the long term care insurance (LTCI) opportunity could result in big gains for you. In fact, our research shows: Financial professionals get an average of +23 new client referrals as a direct result of offering LTCI – 4.5x more referrals over those that don’t offer it. Sellers also generate almost 4x the median annual premiums of non-sellers. LTCI sellers’ client median assets are almost 2x as much as non-sellers’. It’s time to unwrap your new LTCI opportunity. #goldencareagent
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Categories: Genworth and Long-Term Care.

Genworth’s 2015 Commission Year-End Pay Schedule

The last commission payment processing cycles for 2015 are: Fixed life and fixed annuities – Wednesday, December 23rd, 2015 Long term care insurance – Friday, December 25th, 2015 Variable life insurance and variable annuities – Thursday, December 24th, 2015 Final commission payments will also include earned commissions that have not previously met the $50 minimum check amount. For this final payment only, the minimum amount is $0.01. Genworth is closed for the holidays on Thursday, December 24th, Friday, December 25th, and Friday, January 1st. Commission payments will be distributed as follows: Daily EFT and DTCC(NSCC) Fixed life/fixed annuities – Thursday,
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Categories: Genworth.

Commissions: 1099-MISC 2015 Tax Information

Important information about 1099-MISC (miscellaneous income) tax forms: A 1099-MISC will be filed for each person who is paid at least $600 in commissions in 2015. This includes all product lines. 1099-MISC forms will be mailed directly to each person no later than January 31, 2016. Some payments are not required to be reported on this form, although they may be taxable to the recipient. For example, commissions paid to a corporation are not required to be reported via a 1099-MISC. 1099-MISC forms will be mailed to the resident address of the producer if one is on file. If you
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Categories: Genworth.

December 18, 2015: Deadline for Total Living Coverage Delivery Requirements

Genworth’s final commission cycle will be on December 23rd 2015 for all Total Living Coverage Insurance. Deadline for inclusion in the 2015 production payment cycle is December 18, 2015. All delivery requirements received “in good order” on or before December 18, 2015 will be processed in time to be included in the last 2015 production payment cycle. If necessary, consider using express mail to ensure Genworth receives delivery requirements in time to meet this deadline. Checks with delivery requirements must be received at the home office no later than 12 noon EST, Friday, December 18, 2015. Delivery requirements received after
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Categories: Genworth and Linked Benefit/Hybrids.

December 11, 2015: Deadline for Long Term Care New Business Requirements

Genworth’s final commission cycle will be on December 25th 2015 for all Long Term Care Insurance. Requirements for Final Commission Payment All delivery requirements must be received by December 11th, 2015 Applications must be “In Good Order”: All application questions must be answered All signatures and dates completed All requested information provided All regulatory forms completed accurately and received by Genworth All initial and additional medical requirements must be received by Genworth Delivery requirements received after December 11th, 2015 may not be completed before the final commission cycle Commission Payment Cycle Dates Genworth’s Final Commission payment will be processed on
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Categories: Genworth and Long-Term Care.

Partnership in Minnesota at 2% Compound for All Ages Takes Effect at Genworth

Genworth is committed to providing long term care solutions with flexible options and strong benefits that meet the diverse needs of today’s families. Privileged Choice® Flex 3 (Flex 3) is a Partnership qualified product in Minnesota. Minnesota issued a regulation effective July 1, 2015 that permitted Genworth’s 2% compound inflation protection option to be Partnership qualified. As of November 16, 2015 2% compound inflation protection will now be available in Minnesota Partnership for all ages. For details on how policyholders are affected, and what the long term care partnership is, read the press release below: Partnership in Minnesota at 2%
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Categories: Genworth and Long-Term Care.

Genworth to Enhance Privileged Choice® Flex 3 for In-Force Policyholders in Connecticut

In July, Genworth enhanced Privileged Choice® Flex 3 (Flex 3) product in 35 states. These enhancements improve Flex 3’s competitive position and increase consumer value. On November 16, 2015, Genworth will also enhance Flex 3 in Connecticut. They will transition in-force Flex 3 policies in Connecticut to the enhanced product. Policyholders will be notified via a letter outlining specific changes to their policies. The following describes this process and what you and your clients can expect. Process Overview The transition process will begin approximately three weeks after enhanced Flex 3 product becomes available in Connecticut. Policyholders are not required to
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Categories: Genworth and Long-Term Care.