Genworth Gets Two Moves. Its Customers Get One.

Michael Burton, CFP®, LHICIndustry Commentary, Insurance Regulation

Genworth Rate Increase

Today, I am having a conference call with two Genworth (GNW) executives to discuss some of the questions I raised in my prior post about GNW’s large rate increase here in Texas and across the nation. In preparation, GNW has generously supplied me with several policy forms (specimen policies) affected by the rate action. Based upon my first review of … Read More

Genworth Bets Heavy on LTC Brokers to Save The Day

Michael Burton, CFP®, LHICCommissions, Industry Commentary, Insurance Regulation, Uncategorized

Genworth Rate Increase

Yesterday, Genworth Life Insurance Company (Genworth) hosted a webinar for Long Term Care (LTC) insurance brokers who have sold its products in Texas. The webinar was scheduled in response to the outcry of its brokers who, like myself, were stunned to learn there will be a 50.1% Genworth rate increase for policies we had sold to our clients. In this … Read More

Explosive Fact: The Suitability Standard Doesn’t Govern Most Insurance Transactions!

Michael Burton, CFP®, LHICExplosive Facts, Fiduciary Standards, Insurance Regulation

Life Insurance Suitability Standard Explosive Fact Image

Lost in the din of the debate over the Department of Labor’s Fiduciary Rule is the reality that the life insurance industry is not even being held the suitability standard, yet. Don’t believe me?  Look what I found buried in the last pages of a mandatory Continuing Education course I’m presently taking: Traditionally, the legal requirement that a life insurance recommendation … Read More