Genworth Life, the former First Colony branch of GE Financial slipped under the radar of a lot of us in the business with a major change in their build chart.
The new chart was actually released in late October but really didn’t start getting any attention until the first of the year. The company claims it released the changes as part of a nearly 30 page memo back in October, but it seems to have blown right by most of the industry, a shame since it opens up new opportunities with more liberal guidelines than ever before.
Prudential has long had the most liberal preferred plus build requirements, but have had the quirky stance of having the same height and weight requirements apply to both their first and second rate class. The new chart from Genworth is not only more liberal than Pru, for instance Pru’s 5’10, 203# trumped by Genworth’s 5’10, 209#, but in Genworth’s second rate rate, their preferred class allows an on average an additional 20#. Another plus is that for those 65 or older, the weight starts a generous 20# more than for us youngsters.
A full overview of the new guidelines really paints a picture of possibilities as Genworth is a very competitive term and no lapse UL company to start with. Given the advantage of potentially gaining a rate class or two over the competition, they may be headed toward cornering part of the market that no one has aggressively gone after.
Bottom line. It is the advantage of using an independent agent that these types of changes are watched for and clients made aware of potential savings. This is just another classic example of why we shop cases even when they seem pretty straight forward.
My 20 years of experience give me the knowledge and leverage to find reasonably-priced life insurance for people who have been declined or are paying more than they need to.
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