Genworth LQR Required On Term Apps $250k & Below

Genworth LQR Required On Term Apps $250k & Below

140082_LQR_6Effective April 7, 2014, Colony Term applications with face amounts of $250,000 or below must be submitted through our iLQR / iGO platforms.

Commission &Incentive Compensation Impact:

  • Beginning April 7, 2014, if a Colony Term paper application for $250,000 face amount or below is received on or after this date, we will process it but pay no commission or incentive compensation on the case. You may contact us to cancel a case and resubmit via LQR for the commission to be payable.
  • Genworth will pay commissions and incentive compensation per standard eligibility rules on all cases $250,000 and below that are submitted through LQR or the iLQR process we offer through Advisor HQ.

Transition Rules

As of Monday, April 7, all Colony Term applications with face amounts of $250,000 and below are required to be submitted using our iLQR / iGO platform available via Advisor HQ, for commissions to be paid. Commissions will NOT be paid on paper applications received after this date. In situations where Life Quick Request or iLQR is unavailable, paper applications will be accepted and eligible for commissions. LQR and iLQR are unavailable in the following situations:

  • Arkansas, Rhode Island and Wyoming replacement policies
  • Bermuda cases
  • New Jersey cases with a Temporary Insurance Application and Agreement (TIAA).

About IMS Associates

IMS Associates Financial & Insurance Services has been providing innovative solutions to the Life Brokerage community since 1986. Headquartered in Orange County, CA and licensed in all 50 states, we are a one-stop Genworth BGA. As a Brokerage General Agent (BGA) & Independent Marketing Organization (IMO) we are here to assist with all of your Drop Ticket, LQR, and iGO online insurance application needs.