Effective April 24, 2017 Genworth will offer a 5% premium discount on new business1 to members of an approved Affinity organization. This discount will be available on Genworth’s individual long term care insurance products, Privileged Choice® Flex 3 and Privileged Choice® Flex and includes their Element℠ packages.
For details on Affinity organization eligiblity, please refer to the Affinity Approval form (184701). This form should be completed by the Brokerage General Agency and submitted to Genworth for pre-approval. Once Genworth receives the form, we will contact you regarding next steps.
The 5% premium discount will be applied to the net premium after all other applicable discounts. This discount will not be available with the Producer Discount. Issue ages, gender-specific rates and regular underwriting requirements will be consistent with the current product offering in each state. Unisex rates apply in Montana.
The commissions paid on sales with a Genworth approved Affinity organization shall be equal to the applicable compensation plan, less a 5-point substractive adjustment on first year comission rates and a 2-point subtractive adjustment in subsequent years.
For Michigan applicants, who are Medicare-age eligible (currently defined as 65 or older) the commission rate will be adjusted by a 5-point subtractive adjustment for the first three (3) years of the policy and a 2-point subtractive adjustment in subsequent years.
This newest enhancement to Genworth’s long term care insurance portfolio is another way we are making long term care insurance more accessible.
Please be sure to share this information with your producers that may have an Affinity discount opportunity.
1 This discount is not available on replacement policies. Genworth reserves the right to modify or discontinue this program at any time.
Genworth Will Launch an Affinity Discount on Individual Long Term Care Insurance Products