Genworth to Suspend LTCI and Annuity Sales Through BGAs

March 9, 2019 by Allison Bell

Genworth Financial Inc. says it will temporarily suspend sales of long-term care insurance (LTCI) and immediate annuities through the brokerage general agency (BGA) channel, in all states, starting Monday.

Genworth announced the sales suspension Thursday, in a bulletin.

The Richmond, Virginia-based company is making the move because sales through BGAs, or independent distributors, have already fallen sharply, in part because of the company’s low credit ratings, the company said in a statement.

Genworth will continue to sell individual LTCI policies and immediate annuities through association programs, affinity programs and other channels, the company said.

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Originally Posted at ThinkAdvisor on March 8, 2019 by Allison Bell.