Genworth to Stop the Sale of GenGuard UL
Effective February 16, 2015, GenGuard® UL will no longer be offered as part of our life insurance product suite.
With our emphasis on index UL and linked benefits product growth, this change allows us to better align our resources and focus on enhancing support towards the two fastest growing life insurance products in the industry – index universal life insurance and linked benefits. Guarantee UL sales have continued to trend downward. According to LIMRA, as of 3Q 2014, Guarantee UL represents only 21% of UL premium. Index UL sales continue to grow, representing over 50% of all UL sales and we see this product segment continuing to grow. In addition, GenGuard® UL currently represents a very small percentage of our business.
Our life product focus is to continue expanding our index UL and linked benefit solutions, while remaining relevant in the term life insurance market. Later this quarter, we will launch an even more competitive accumulation and protection solution. Consumers are seeking life insurance products that provide multiple benefits including death benefit protection, cash accumulation and long term care benefits. Our focus is to deliver on meeting these needs.