RICHMOND, Va., June 26, 2013 /PRNewswire/ -- In response to producers' demand for better resources to help them educate their clients about the benefits of index products, Genworth has launched The Index Institute SM, a first-of-its-kind virtual community for producers. The Index Institute contains index life insurance and index annuity training, market insights, presentations, product information and cutting-edge sales ideas.
"During extensive research with producers, they told us they needed resources to more easily help them bring the benefits of index products to their clients," said Pat Foley, president, U.S. Life Distribution & Marketing at Genworth. "We responded by developing an easy-to-use portal that pulls together a host of rich content, ranging from the basics of index products to powerful sales materials that will help them tap into the growing popularity of these products."
Index Universal Life (Index UL) insurance has grown from a $330 million market in 2006 to a $1.5 billion market in 2012. 1 Sales soared 42 percent in Q4 and improved 36 percent for the year, 2 representing 30 percent of total UL premiums and 12 percent of all individual life insurance premiums. 3 Similarly, Fixed Index Annuities (FIAs) are experiencing a surge in popularity. FIAs have turned in five consecutive record-breaking years of growth, finishing 2012 with $33.9 billion in sales. 4 FIAs represented 47 percent of total annuities sold in 2012.5
Charlie Gipple, national director of Index Products at Genworth, added: "Our goal with this new online community is to provide the education, tools and support necessary to help producers -- whether they're just starting to learn about index products or proven pros -- better counsel their clients on the role index products can play in helping them achieve their financial goals."Genworth recently introduced a new index universal life insurance product, Asset Builder Index UL, to help meet customer demand for a flexible life insurance solution that offers a death benefit, cash accumulation and an optional Accelerated Benefit Rider for Long Term Care Services (ABR). The ABR, which is available at an additional cost, allows the policyowner to access the death benefit to pay for covered long term care services.