Genworth is suspending new sales of life insurance and fixed annuities.
Effective March 7, Genworth will no longer accept applications for the following products:
- Asset Builder Index Universal Life II
- Foundation Builder Index Universal Life
- Colony Term
- Total Living Coverage
- Secure Living Independence (SPDA)
- Secure Living Liberty, Secure Living Smart Rate (SPDA)
- Secure Living Smart Rate Saver (SPDA)
- Secure Living Advantage Pro (SPDA)
- Secure Living America Plus (SPDA)
- Secure Living Index 5 (FIA)
- Secure Living Index 7 (FIA)
- Secure Living Index 10 Plus (FIA)
- Secure Living Growth + with Income Choice Rider (FIA)
- Secure Living Protection Plus (FIA)
- Secure Living Growth Advantage with Income Security Rider (FIA)
- Secure Living Income Provider (SPIA)
- Secure Living Income Provider NY (SPIA)The company claims that dropping these products will save them approximately $50 million in annual expenses.
Strangely, the company is not dropping the products because they are unprofitable. They are dropping the products to save enough money to pay its claim obligations to millions of long-term care policyholders, during our extended low interest rate environment.The latest quarterly earnings reports showed the company’s losses narrowing. Fourth-quarter loss was $292 million compared to a loss of $760 million in the year-ago period, the company reported.
The company will undertake restructuring with a sense of urgency. It will split their life & annuity business from the long-term care side and isolate it from long-term care losses.
The Life, annuity and long-term care in-force clients should see no change in their policies or how those policies are serviced.
Empower Brokerage is uniquely positioned to help you have access to alternate products.
We have the carriers for you with these advantages:
• Super Competitive
• Living Benefits
• Advantaged Underwriting
• Simplified Issue and Fully Underwritten
• On-Line Applications
Let us help you with your next quote.
Contact us at (888) 539-1633
Criss Crombie ext. 4381
Jerry Angel ext. 4354
Phil Hart ext. 4345
David Russell ext. 4309