As a result of persistently low interest rates, index UL policies are experiencing record-breaking sales, growing from a $300 million market in 2006 to a $1.54 billion market in 2012. 3 In 2013, index UL premium increased 10 percent in the third quarter and 18 percent for the first three quarters of the year. Index UL market share, during 2013, represented a record 35 percent of UL premium and 13 percent of total individual life insurance new annualized premium -- its highest level. 4
Foundation Builder Index UL is Genworth's affordable death benefit index UL product. Its first, Asset Builder Index UL, is an accumulation-focused and protection product that features additional distribution options such as participating or collateral loans. For both products, all Guideline Premium Test policies also include the Overloan Protection Rider.
Industry-leading customer service and technology from Genworth
As part of its commitment to continually raise the bar on technology and customer service, Genworth's index UL products are the first and only index UL products in the industry available on a comprehensive front-to-back electronic platform that significantly shortens the application and fulfillment cycle time. The electronic platform encompasses illustrations, drop ticket, ticket fulfillment and ePolicy delivery on the end.
In December, Genworth was recognized by DALBAR as the
winner of its annual Life & Long Term Care Insurance Service Awards.
2013 was the third year in a row that Genworth was the sole winner of DALBAR's service award for life insurance.
Genworth's Innovative Education and Support
To help financial professionals meet the soaring demand for index UL and ensure that they have the information and tools to help educate their clients about index products, including fixed index annuities, Genworth has launched The Index Institute
. This industry-first virtual resource offers financial professionals the education, tools and support they need to better counsel their clients on how index products work and the role they can play in helping them fulfill their insurance needs and financial goals.
Resources for Consumers from Genworth
Consumers can learn about different types of life insurance and access calculators to help determine how much life insurance they may need by visiting
Genworth's life insurance solutions website
Genworth can also be found online through its social media platforms at:
Genworth's Index UL and other life insurance products are underwritten by Genworth Life and Annuity Insurance Company and Genworth Life Insurance Company,
. Products not available in all states and markets.
Genworth Financial, Inc. (GNW) is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement — including life insurance, long term care insurance, and financial protection coverages — and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.