Genworth announced today that effective February 16, 2015, the carrier will no longer be offering the GenGuard UL product as part of theiir life insurance product portfolio.
GenGuard UL is Genworth’s guaranteed universal life product (GUL). Under a guaranteed universal life policy, the coverage features a “no lapse guarantee” that enables you to continue the death benefit coverage even if the cash value hits $0.00. Thus giving you guaranteed permanent coverage at the lowest possible cost.
Other types of universal life insurance do not feature these guarantees and therefore, if the cash value reaches $0.00, the policy would lapse as there would not be any funds in the policy to pay the cost of insurance charges takes out each month.
These changes can have a significant impact on individuals covered under their term insurance products. Under a term insurance policy, you have a conversion period available for a designated period of time where you can convert all or a portion of the death benefit of the policy from term to permanent coverage. What type of permanent coverage the product can convert to is impacted by the types of products available. Traditionally, other forms of permanent coverage such as indexed universal life, current assumption universal life, and whole life, may cost more than guaranteed universal life and may offer significantly different guarantees under the policy, if any.
Even if you already have life insurance in place or are interested in purchasing new coverage, give us a call at 1-888-972-0024 to speak with a live agent today or CLICK HERE to e-mail us 24/7 with any questions you may have.
It’s always a good idea to review your coverage periodically and consider what options are available to renew/extend the term length guarantee of a policy! We never charge any fees for our services and can shop the case for you amongst numerous insurance companies to make sure you’re paying the lowest possible cost for your life insurance benefits.