Providing life insurance protection solutions to help close the coverage gap for the Main Street market is, and always has been, Genworth’s mission. Even in the face of sustained low interest rates and an evolving regulatory environment, Genworth will remain true to its stated plan. As they balance their resources to maintain existing products and plan future offerings, they are announcing several changes to streamline their current product portfolio:
Key Transition Dates
- Effective October 22, 2012 Genworth will launch its new traditional term product – Colony Term 10, 15 and 20 – to replace ColonySM Term UL, except in New York. Genworth is pleased to bring the 15-year coverage period back to the market.
- On November 12, 2012, Genworth will expand and reprice GenGuard® UL. By combining the features of ColonySM LifeLong UL and GenGuard UL into one product, the new GenGuard UL is a more comprehensive solution offering up to lifetime benefit coverage (to age 121) for single, short and level-pay planned premiums.
- On December 7, 2012, GenGuard UL will serve as the new conversion product,* replacing Lifetime Protector SG II, in all states except in New York, where Lifetime Protector SG NY II continues as the conversion solution.
- In addition, Genworth will remove the following products from the market: ColonySM Term UL NY, effective October 22 and GenGuard® SUL & GenGuard® SUL NY and GenGuard® NY, effective November 12.
Last Application Receive Date is November 9, 2012 for old product offerings.