Attention Shaw American Advisors:

  

It has come to our attention that Genworth's Long Term Care department has recently been flooded with new business applications due to their pricing schedule changes.  Clients rushed to get their applications in before their state adopted Genworth's new pricing schedule.  Unfortunately Genworth didn't expect this kind of response and didn't staff up for this event. As a result, there has been a delay in processing times.  Hold times for the new business status line has reached over 1 hour. Because this is an untenable situation for you , your clients and our staff, Shaw American will temporarily suspend quoting  Genworth Long Term Care applications.  We expect these delays to be temporary and expect to start submitting new business to Genworth in August (update to follow soon). If you have a pending application with Genworth, you can still count on our staff to track every movement on your case and to struggle through the underwriting process for you!

 

If you have a client who is considering Genworth, please ask for a quote from one of our other carriers such as John Hancock, Transamerica or Mutual of Omaha.  We believe these products are very competitive and can suit your client's needs appropriately.

 

Please note this applies only to Genworth LTC and not to their Life business. If you feel you have a case that you must submit to Genworth LTC, please make sure your client knows that status updates will be limited and the underwriting process may take 3-5 months.

 

I apologize if for any reason this creates a problem for you but we feel it's in the best interest of you and your client to be aware of this situation and look to other markets temporarily.

 

If you have any questions or need more information please contact our marketing department today at (800) 626-5888 or email@shawamerican.com.  We will do our best to make this delay as easy as possible for both you and your client.

  

  

Prudential to Reprice its PruLife Universal Protector:    Product will now also include BenefitAccess Rider with Chronic and Terminal Illness Benefits...Available Today, July 1, 2013

What's Changing: BenefitAccess: This optional rider is now available in approved states. Provides your clients with Chronic and Terminal Illness Benefits. Is now available on the repriced UL Protector.  Is not available on prior versions of UL Protector. Is not currently available on other products. On the repriced UL Protecto Full-pay scenario premium will increase approximately 2%. Single-pay scenario premium will increase approximately 5%. Guaranteed minimum effective annual crediting rate is being reduced from 2% to 1%. Type B Variable Death Benefit will no longer be available. Premium limitation in each of the first 3 years will be the greater of 7 times the Commissionable Target Premium or $250,000. Starting on the introduction date within a state, a 28-day transition period will follow for that state   Click Here for Transition Rules   Still need more information?  Contact our marketing department for more details (800) 626-5888 or email@shawamerican.com.   If you are currently working on a Prudential case call us today so that we can compare the new rates with the old rates.  Applications must be received at the home office by July 28, 2013 for the old rates to apply.

  

Genworth to Update its LTC Application: Producers must discard current versions of out-going forms/applications by Tuesday, July 2, 2013.

Genworth LTC will be updating its long term care insurance (LTCI) applications and forms on July 1, 2013.  See link below for specific applications and forms that will be changing. You must destroy any of the old applications and forms you have on hand and replace by July 2, 2013.   Click Here for Rules

Breaking News: Protective Announces Reprice of its Custom Choice UL and Advantage Choice UL...New Rates Available Today!!July 1, 2013

From Protective: "Effective July 1, 2013", Protective Life will change the current lifetime rates on their guaranteed UL products. As a result of this reprice: Protective Custom Choice UL will stay competitively positioned for guaranteed lifetime coverage needs with affordable level pay premiums.  Protective Advantage Choice UL level pay premiums may be higher, but will remain competitive in the GUL marketplace. TRANSITION INFORMATION:  Paper applications signed and received prior to July 29, 2013 will be "processed according to the accompanying illustration."  Paper applications received on July 29th and later will be processed using the new rates. Ticket applications prior to July 1st must have the fully signed application packet received in the home office prior to August 12, 2013.  All ticket applications received on August 12, 2013 and later will receive the new rates. Click Here for Full Announcement   Contact our marketing department today for more information (800) 626-5888 or email@shawamerican.com.  We can run a comparsion of all universal life quotes to make sure that we have the best rates for your client during the transition period.