BULLETIN: Important Product Changes: ColonySM Term UL

The Genworth Financial companies are committed to helping you close the coverage gap for Main Street Americans—which includes prospective clients ages 65 and under with $50,000 to $250,000 of income. In this effort, we continue to transition our products and services—making enhancements when possible and revising features as necessary. We are making changes in response to today’s economic realities—including the sustained low interest rate environment that continues to put pressure on affordable life insurance products. By simplifying the product suite and speeding up the placement process, our goal is to make protecting Main Street Americans more efficient and profitable for you.

Two important revisions to ColonySM Term UL will go into effect.

  • We are suspending sales of Colony Term UL 15our least used option. Applications for Colony Term UL 15 will no longer be accepted after March 25, 2012 regardless of application signed date. In addition, Colony Term UL 15 will no longer be available on Life Quick RequestSM (LQR), WinFlex and other quoting systems after March 11, 2012. Our best-selling Colony Term UL 10, 20 and 30 remain available. Click here for transition rules.
  • Colony Term UL applications with face amounts of $100,000 or below that are eligible for Life Quick Request, must be submitted through LQR or the iLQR process through iPipeline® after April 15, 2012. Click here for more information regarding this required transition to Life Quick Request, including specifics about LQR eligibility.

Commission and bonus impact:

If a Colony Term UL paper application for $100,000 face amount or below is received after April 15, we will process it but will pay no commission on the case. You may contact us to cancel the case and resubmit via LQR for the commission to be payable.

We will pay commissions on all cases $100,000 and below that are submitted through LQR or the iLQR process we offer through iPipeline.

We have been delighted with the success of Colony Term UL and appreciate your part in making that happen.

To help with increased profitability and efficiency in placing cases, our industry-leading Life Quick Request fulfillment process is one important way we can work together. While there is a significant need for Colony Term UL solutions of $50,000 to $100,000 in face amount, these cases when submitted the traditional way via paper application are generally not as profitable for the General Agent, the producer or the insurance carrier.

Our industry-leading Life Quick Request fulfillment platform makes these sales simpler (fill out a 2-page online ticket), offers a more efficient process and results in better placement rates. Using LQR technology is faster, much more cost-efficient, and ultimately reduces cycle time by up to 50% and increases placement rates by up to 8%*.

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