Producer Information
I
Colony TermI
Life InsuranceLife insurance products underwritten by:
Genworth Life and Annuity Insurance Company, Genworth Life Insurance Company,
Richmond, VA ,143123 10/19/12
Colony Term
The Traditional Term Life Insurance Solution
Colony Term life insurance provides
affordable protection for a specific
period of time — 10, 15 or 20 years.
Colony Term Life Insurance
Key Advantages:
• Most coverage for the lowest
premium
• Guaranteed death benefit
for the specified duration
• Predictable premiums during
the initial period
• Easy to understand
Simple to Sell:
• Less paperwork
Life Quick Request
SMlets you gather
basic information and Genworth
does the rest
• 360ºLifeView
SMUnderwriting
Offers clients the best ratings
possible
• Underwriting Sweet Spots
Clients with mild forms of some
medi-cal conditions may qualify as preferred
1 All annual premiums shown are based on individuals who qualify for the “Preferred No Nicotine Use” underwriting classification.
Household Expenses First 10 Years In 20 Years Remaining mortgage $140,000 $0
College fund $40,000 N/A
Final expenses (burial,
credit card debt, etc.) $20,000 $30,000 Partial income
replacement $500,000 $170,000
Total $700,000 $200,000
The power of two policies
Combine the protection of a $500,000, 10-year Colony Term policy with a $200,000, 20-year Colony Term policy to “ladder” coverage as needed. For a 45-year old male, the annual premium for the first 10 years, when both policies are in force, is $500,1 and it decreases to $3741 per year when only one policy is in force for the next 10 years.
Loss of a primary wage earner or stay-at-home par-ent can be the biggest challenge a family will ever face. The U.S. Department of Agriculture estimates the cost of raising a child to age 17 to be nearly $300,000, not including college tuition.
United States Department of Agriculture, Expenditures on Children by Families, 2011
Expenses Continue Even If Income Stops
1 Subject to state variations.
Colony Term Facts at-a-Glance:
IssueAges1 Product 10-Year 15-Year 20-Year IssueAges 0-80 0-75 0-65
CoverageDurations 10, 15 and 20 years
MinimumSpecifiedAmount $50,000 at issue; $50,000 minimum in force (after decrease)
PremiumBands Band 1: $50,000 - $99,999.99
Band 2: $100,000 - $199,999.99 Band 3: $200,000 - $499,999.99 UnderwritingClasses • Preferred Best No Nicotine Use
• Preferred No Nicotine Use • Select No Nicotine Use
PaymentOptions We will send notices for annual, semi-annual and quarterly planned
premiums. The yearly cost will be higher if premiums are paid semi-annually, quarterly, or monthly. Monthly planned premiums can only be paid via electronic funds transfer.
AnnualPolicyFee $50
• Standard No Nicotine Use • Preferred Nicotine Use • Standard Nicotine Use Band 4: $500,000 - $999,999.99 Band 5: >= $1,000,000
Riders Enhance the Value of Colony Term
With three available riders, you can tailor and enhance the value of Colony Term 10, 15 and 20 protection. As individual situations require, your clients can benefit from the additional coverage provided by:
WaiverofPremiumRider
With this coverage, if your insured client becomes totally disabled, Genworth will waive premium payments that are due during the disability period. Rates change when the policy’s premiums change. Rider coverage ends on the policy anniversary nearest the insured’s 60th birthday.
Children’sLevelTerm InsuranceRider
This rider provides the opportunity for your client to obtain term life insurance coverage for each dependent child (ages 15 days – 23 years). Up to $10,000 coverage may be purchased in $1,000 increments. This additional coverage on a dependent child will end on the earlier of the child’s 25th birthday or the policy anniversary nearest the insured’s 65th birthday. This rider is not available in Vermont.
AcceleratedDeathBenefitRider With the addition of this rider, Genworth will provide a lump sum benefit if your insured client is diagnosed with a terminal illness that reduces life expectancy to 6 months or less in most states. The maximum benefit under this rider is $500,000 and there is no initial cost. Interest will be charged at the time of payment and an administrative fee will be deducted when the option is exercised. Availability varies by legal entity.
(In Oregon, the youngest issue age begins at 18.)
LifeQuickRequest
SMLife Quick Request streamlines the application process by allowing you to collect basic infor-mation from your client and then delegate the rest of the administrative tasks to Genworth. It’s a better, faster, more effective process. • You get paid more: Placement ratios
increase by up to 8%1
• You are paid faster: Reduced cycle times mean expedited commission payments1 • You receive full commissions without the
administrative hassles
• You have more time to devote to selling Consider the time savings of Life Quick Request compared to taking a paper application, in the chart to the right.
Using Life Quick Request, you could save enough time during one interview to conduct a second one or prospect for new clients! Experience the positive, productive difference. Go to your agency’s website and submit a ticket or ask for more information.
Paper
Application Life Quick Request Ticket
Drive to/from client’s home 30 minutes 30 minutes
Needs analysis 20 minutes 20 minutes
Complete application
with client 30 minutes N/A
Review application, complete agent information, copy and
mail application to agency 30 minutes N/A
Complete online form N/A 15 minutes
Schedule client
paramedical exam 10 minutes N/A
Underwriting follow up: re-quests for additional informa-tion, voicemails, phone mes-sages, callbacks, etc.
45 minutes N/A
Time spent: Interview to
policy issue 2 hours, 45 minutes 1 hour, 5 minutes
Timesaved 1hour,40minutes1
Processing & Underwriting Reinvented
1 As of February 27, 2012, cases processed through Life Quick Request had a median cycle time of 13 days from the day New Business
receives the case to the day the policy is mailed and an 8% increase in placement ratio over paper applications (rolling 12-month average).
360°LifeView
SMUnderwriting
Genworth’s target market is Main Street America, including prospects age 65 and below, with household incomes from $50,000 to $250,000. We can offer those prospects the best ratings possible because our 360°LifeViewSM underwriting uses a clear,
consistent methodology that focuses on the risk factors that are most meaningful in determining a client’s underwriting class.
Top10SweetSpots
With 360ºLifeViewSM Underwriting, we have
rede-fined “healthy” so that in many cases, clients can get preferred rate classes for a wide variety of medical conditions, including:
Build Ulcerative Colitis Total Cholesterol Asthma
Blood Pressure Arthritis Depression and Anxiety Aviation
Paper
Application Life Quick Request Ticket
Drive to/from client’s home 30 minutes 30 minutes
Needs analysis 20 minutes 20 minutes
Complete application
with client 30 minutes N/A
Review application, complete agent information, copy and
mail application to agency 30 minutes N/A
Complete online form N/A 15 minutes
Schedule client
paramedical exam 10 minutes N/A
Underwriting follow up: re-quests for additional informa-tion, voicemails, phone mes-sages, callbacks, etc.
45 minutes N/A
Time spent: Interview to
policy issue 2 hours, 45 minutes 1 hour, 5 minutes
Timesaved 1hour,40minutes1
Colony Term GenGuard® UL Life ReadySM UL II Total Living Coverage®
ClientProfile Duration-specific
needs traditionally met by term life insurance
Lifetime coverage and
dial-down coverage Willing to accept interest rate and cost of insurance rate risk in exchange for an af-fordable combination of death benefit pro-tection, competitive cash value accumula-tion and adaptability
Combination of life insurance and long term care protection
MostCompetitive PlannedPremium Scenarios Level-pay scenario for 10, 15 and 20 years Single-pay, short-pay, and level-pay sce-nario, up to age 121
Minimum premium to carry to age 121, coverage to age 100 also available
Single pay with lifetime guarantee
MostCompetitive Guaranteed DeathBenefit
10, 15 and 20 years Based on client needs, dials down to any duration/age
Target premiums are the same for all death benefit options
Through lifetime
Minimum
SpecifiedAmount $50,000 $25,000 $50,000 $50,000
CashValue No Cash Value Focus on death-
benefit guarantees2
Cash Value growth without a long-term secondary guarantee
Strong current Cash Value with lifetime return-of-premium after policy year 2 IssueAges 10-year: 0-80 15-year: 0-751 20-year: 0-651 0-80 No Nicotine Use: 0-90 Nicotine Use: 16-90 18-79 SignedIllustration
Required No No Yes Yes
Accepts1035
Exchanges No Yes Yes Yes
Accepts1035 Exchangeswith Loan
No No No No
Impactof1035
Exchanges None Strengthens cash value and allows for lower planned premi-ums or longer death-benefit guarantee
None Strengthens cash
value and allows for a lower initial premium
Target/
Commissions Competitive commissionable
premiums
Competitive rolling
target • Competitive target• No rolling target Competitive commission on entire premium
The Traditional Term
Life Insurance Solution The Short & Level-PaySolution Assumption SolutionThe Current The Linked Benefits Solution
Genworth’s Life Insurance Product Suite
1 Subject to state variations. Minimum issue age on Nicotine Use rates is 16.
2 Death-benefit guarantee refers to a conditional guarantee that, if the conditions are met, can keep the policy in force even if policy values do not.
©2012 Genworth Financial, Inc. All rights reserved. Genworth, Genworth Financial and the Genworth logo are registered service marks of Genworth Financial, Inc.
The Genworth Financial companies and their representatives and distributors do not provide tax or legal advice. Your client should ask their independent tax and legal advisors for advice based on their particular situation. Examples and quotes are hypothetical and used only to help you understand the ideas. They may not reflect your client’s particular circumstances.
Colony Term is a traditional term life insurance policy.
All products, their riders, and benefits are subject to the terms and conditions of their policy forms and to state availability and issue limitations.
ColonySM Term is subject to Form No. 1420 (96) et al. or 1421 et al. (Genworth Life & Annuity)
or Form No. GE-1420 et al. (Genworth Life).
Total Living Coverage® is underwritten by Genworth Life Insurance Company, Richmond, VA. Total Living Coverage universal life insurance with long term care benefits is subject to Policy Form No. ICC12-GL5000 and Rider Form Nos. ICC12-GL500R, ICC12-GL501R, ICC12-GL502R, and ICC12-GL503R or Policy Form No. GL5000 0212 et al. and Rider Form Nos. GL500R 0212 et al., GL501R 0212 et al., GL502R 0212 et al., and GL503R 0212 et al.
Life ReadySM UL II is a flexible-premium, adjustable life insurance policies (commonly known as
universal life insurance) subject to Policy Form No. GLAULLRII0807 et al. (Genworth Life & Annuity) or GLIULLRII0807 et al. (Genworth Life).
GenGuard® UL is a flexible-premium, adjustable life insurance policies (commonly known as universal life insurance) subject to Policy Form No. GA1000-0609 et al. or ICC09GA1000 (Genworth Life & Annuity) or Policy Form No. GL1000-0609 et al. or ICC09GL1000 (Genworth Life).
All guarantees are based on the claims-paying ability of the issuing insurance company. The name Colony used with life insurance products is a Genworth service mark.
Insuranceand •Arenotdeposits. •ArenotinsuredbytheFDICoranyotherfederalgovernmentagency. annuityproducts: •Maydecreaseinvalue. •Arenotguaranteedbyabankoritsaffiliates.
About Genworth Financial
• A leading insurance holding company in the United States
• Strong history: Our roots go back to 1871 with the founding of The Life Insurance Company of Virginia; our insurers, Genworth Life and Annuity Insurance Company and Genworth Life Insurance Company, have over $582 billion of life insurance in force (12/31/11)
• Product innovation: Genworth Life & Annuity and Genworth Life are industry leaders in the development of universal life insurance products
We’llbeherewhenyourfamilyneedsusthemost
For over 140 years we’ve built our reputation on life insurance – paying benefits to families at the most critical moments of their lives. That’s when they’ll know you made the right choice – to rely on the Genworth Financial companies to help provide for them when you no longer can.
Providingsoundfinancialsecurity
We’re dedicated to giving you one thing that is appreciated – the power of choice. By giving you the flexibility to decide what’s best for you, you’ll find the solutions that can help ensure your family can achieve their dreams.
Household Expenses First 10 Years In 20 Years Remaining mortgage $140,000 $0
College fund $40,000 N/A
Final expenses (burial,
credit card debt, etc.) $20,000 $30,000 Partial income
replacement $500,000 $170,000
