What opportunities do you have with your existing Genworth block of business?

Jerry Thomas Accordia Life, External Term Conversion, Genworth Financial, Long Term Care Insurance, MetLife, Nationwide, Policy Review, Rewrite Opportunity, Symetra, Term Conversion Exchange for Permanent Policy, Uncategorized Leave a Comment

What options do your clients have with their current Genworth Life Insurance Policy?

Your clients may be calling you asking what options do they have regarding their current Genworth Life Insurance policy. Depending on the policy they purchased they may have options to 1035 exchange into a new plan or conversion/exchange their term life insurance policy to a permanent plan with Genworth or with a new carrier with an external term conversion/exchange. Below are a couple opportunities your clients have with their existing Genworth life insurance policy.

Term Life Insurance

Term Conversion

Depending on the product, your client may still be able to convert their current term life insurance policy to a Genworth Guaranteed Universal Life product. It would offer your client a guaranteed level premium, guaranteed death benefit, for a guaranteed period of time.

External Term Conversion

Depending on the age of your clients policy, age of your client, and underwriting class; they may be able to convert their Genworth term life insurance policy to another carrier’s permanent life insurance policy without any proof of underwriting. This will allow your client to obtain permanent life insurance with a new carrier without completing any underwriting requirements.

Carriers Offering an External Term Conversion.PDF

Rewrite Opportunity

Your client may not qualify for a conversion or may only need the life insurance coverage for a limited period of time. They have the option to rewrite their current policy to extend their coverage out longer, locking in a lower rate now with a carrier that offers a competitive conversion option if needs change down the road.

Permanent Life Insurance

Policy Review

Your clients should conduct a policy review to make sure their current policy is or will perform as originally expected. We can help you conduct a policy review by obtaining a current in-force illustration. We will help you determine how the policy is expected to perform on a guaranteed and non guaranteed basis. They may find it is best to keep what they have or they may want to review new options.

New Policy with a Long Term Care Rider

You may find that even though the current policy is a viable option your client may be interested in a 1035 exchange. Many clients are looking at permanent life policies that not only offer a death benefit at time of death but offer protection for Long Term Care if they need it along the way. The policy not only provides a death benefit but a living benefit to pay for long term care.

Comparison Sheet of Long Term Care Riders or Chronic Illness Riders.PDF


Now is the time to help you clients review their options on their current life insurance policies. You may find in helping them on this task may lead to other planning needs. We can help you navigate different options give us a call or send us an email. 

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