Consolidated Underwriters, Inc.
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Stay informed on our latest news!
Age Last Birthday!
Our whole life products are moving to age last birthday (ALB).This change positions us well with our competitors. Effective December 1, 2012.
*In all states where approved.
Modal Factor Reductions!
New Modal Factors for ALB Whole Life Products
• Monthly PAC
• Direct Monthly Bill
In addition to the mandated changes we are required to make to our United of Omaha and Companion Life Guaranteed Universal Life (GUL) solutions portfolio due to AG38, we are also changing GUL, GUL Express, and GUL Survivor to non-Illustrated products and discontinuing some of the other Life products that are not key parts of our long-term strategy.
As you’re aware, on September 12, 2012 the NAIC adopted revisions to AG38 (the reserving regulation that governs Universal Life Products) with an effective date of January 1, 2013. We will be adjusting rates to align with our Company strategy and AG38. More information on the rates for applications dated in 2013 will be available in the coming weeks.
Effective November 9, 2012, documents currently mailed to you will be available online at Genworth Pro, giving you immediate access to the documents you need.
In late January, these documents will no longer be mailed.
At this time, the migration of documents to Pro is applicable to all Life Insurance products. Genworth anticipates making this available to other product lines in the future.
Effective November 27, 2012, the Inforce tab of “Other Genworth Business” and the “Production Reporting” features of Genworth Pro will retire.
• Effective October 22, 2012 we will launch our new traditional term product – Colony Term 10, 15 and 20 – to replace Colony Term UL, except in New York. We are pleased to bring the 15-year coverage period back to the market.
• On November 12, 2012, we will expand and reprice GenGuardUL. By combining the features of Colony 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.