Genworth, a long-time leader in life insurance, is announcing added submission flexibility for your Colony Term cases.
Effective Monday, September 14, 2015, all Colony Term applications with face amounts over
This change increases your submission choices, enabling you to select which best fits your practice. Colony Term has been and continues to be a market leading product, especially for face amounts under $500,000.
As of Monday, September 14th, all Colony Term applications with face amounts over $100,000 may be submitted via paper applications or through LQR or iLQR (iPipeline® platform).
All LQR and iLQR tickets submitted prior to Monday, September 14, will continue through the fulfillment process.
Colony Term applications with face amounts of $100,000 and below must continue to be submitted using LQR or iLQR for commissions to be paid.
In situations where LQR or iLQR is unavailable, paper applications will be accepted and eligible for commissions. Please include the applicable situation listed below on your cover letter to ensure proper handling. LQR and iLQR are unavailable in the following situations:
• Arkansas, Rhode Island and Wyoming replacement policies
• Bermuda cases
• New Jersey cases with a Temporary Insurance Application and Agreement (TIAA)
• Applicant requires translator (for language other than Spanish or English)
* As of February 1, 2015, cases processed through Life Quick Request had a median cycle time of 13 days for term life insurance from the day New Business receives the case to the day the policy is mailed. Term cases with face amounts greater than $100,000 have an 8% increase in placement ratio over paper applications (rolling 12-month average).