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Update: Genworth Suspends Life and Fixed Annuity Sales

Genworth Financial, Inc. has decided to suspend all sales of traditional life insurance and fixed annuity products, effective March 7, 2016, given the continued impact of ratings and recent sales levels of these products.

What is the last date that Genworth will accept life and/or annuity applications?

The last date that Genworth will accept life and/or annuity applications is March 7, 2016.

How will Genworth treat pending business?

Genworth will process pending business as they do today with the goal of having all pending business placed by May 4, 2016. Any policy application not issued by that date, however, will be closed. We will work with you to help ensure that any policies already issued by that date get placed in a timely fashion.

What is the last date for which pending business must be placed?

Genworth’s goal is to have all pending new business applications received by March 7 placed and inforce by May 4. Genworth will close applications that have not been issued by May 4, and we will work with you to help ensure that any policies already issued by that date get placed in a timely fashion.

What is the last date by which pending applications must be issued?

May 4. Any applications not issued by May 4, 2016 will be closed.

What Genworth products are no longer for sale?

  • All Life products including Asset Builder Index UL II, Foundation Builder Index UL, ColonyTerm, and Total Living Coverage.
  • All Single Premium Deferred Annuities including SecureLiving Independence, SecureLiving Liberty, SecureLiving SmartRate, SecureLiving Rate Saver (MVA), SecureLiving Advantage Pro, and SecureLiving AmericaPlus.
  • All Fixed Index Annuities including SecureLiving Index 5, SecureLiving Index 7, SecureLiving Index 10 Plus, SecureLiving Growth+ with Income Choice Rider, SecureLiving Protection Plus, and SecureLiving Growth Advantage with Income Security Rider.
  • And, the following Single Premium Immediate Annuities: SecureLiving Income Provider and SecureLiving Income Provider NY.

What can producers and policyholders expect from Genworth in terms of servicing in-force policies?

Genworth will continue to service in-force policies as it has before. All contractual rights will continue under the existing policies. Further, policyholders and producers can continue to work with our Customer Service Center as they have before this decision.

Will all the contractual rights of policyholders’ contracts be honored by Genworth?

Genworth will continue to administer all contracts in accordance with their contractual terms. Guaranteed benefits remain guaranteed, and policyholders can continue to make changes and exercise contractual rights as they did before this announcement.

Will Genworth continue to make available in-force illustrations?

Yes, Genworth will continue to provide both producer and policyholder support for in-force policies, which includes inforce illustration support.

For pending business that is “cancelled,” is Genworth willing to transfer medical records to another carrier?

Yes, with proper documentation from the other carrier that includes authorization from the applicant to release their information to that carrier.

If you have any questions or concerns regarding this news, please Contact Madison Brokerage, we are here to help.