Genworth Life Insurance Company, a subsidiary Genworth Financial, can be traced back to 1871. The company is based in Richmond, Virginia and does not offer traditional life insurance products. Instead, its business is focused on long-term care insurance and mortgage insurance.
Pros Explained
- Relatively low number of customer complaints: Genworth’s complaint ratio is lower than the national complaint index, showing that Genworth received fewer complaints than is typical for a company of its size.1
- Genworth has an online portal that allows policyholders to view claims and make payments online. You can access your current claims and make payments through the portal.
- Genworth offers a variety of online aging simulators that you can use to examine how your vision and coordination might change as you age.
The Cons
- Genworth has discontinued life insurance products. You will need to find another insurance company if you wish to purchase universal, whole, and term life insurance.
- Only certain ages are covered: Genworth offers only long-term care insurance to people who are between certain ages.
- Genworth doesn’t post any detailed policy information online. A Genworth representative will be able to provide more information about coverage, exclusions and available riders.
All Plans Available
Genworth no longer offers life insurance. Genworth now focuses on long term care insurance.
Long-Term Care Insurance
As they age, many people require long-term support services and care. Long-term care insurance is a good option to help cover the cost.
Long-term care insurance is not like traditional insurance that covers Medicare. It provides support and services you may require as you age. Long-term care insurance reimburses you for the daily necessities of daily living, such as dressing, eating, and bathing. Services and long-term care insurance can be used in your home or at an assisted living facility.
You can use the funds to pay for day-to-day services as well as renovations to your home that make it more accessible. For example, adding stability bars or wheelchair ramps to the bathroom.
Riders Available
You can add insurance endorsements (also known as riders) to most types of insurance to increase your coverage. To find out what riders are available if you’re looking for a long-term policy through Genworth, contact the customer service department.
Customer Service
Genworth does not offer traditional life insurance products anymore. However, Genworth can service policies that have been sold by these companies:
- American Mayflower Life Insurance Company
- Federal Home Life Insurance Company
- First Colony Life Insurance Company
- Genworth Annuity and Life Insurance
- Genworth Life Insurance
- General Electric Capital Assurance
- The Life Company of Virginia
- The Harvest Life Company
- GE Capital Life Assurance Company of New York
- Genworth Life Insurance Company of New York
- Union Fidelity Insurance Company
Contact customer service by dialing 888-436-978 from Monday to Thursday, 8:30 a.m. to 6 p.m. Eastern Standard Time (EST), and Fridays 9 a.m. to 6 p.m. EDT.
Lawsuit for Class-Action
Genworth Life Insurance Company settled a class-action lawsuit in 2020. The suit alleged that Genworth intentionally withheld material information from long-term care insurance policyholders regarding premium increases.2
Genworth settled the $24.5 million lawsuit without admitting liability, but it did agree to pay credit to affected policyholders.
Complaint Index
The National Association of Insurance Commissioners (NAIC), which releases every year companies’ complaint ratios, is there to help customers make informed decisions. This number reflects the proportion of complaints received relative the market shares of the companies.
Industry standard complaint ratio is 1.0. A company with a ratio lower than 1.0 indicates that it received fewer complaints that is normal for its size.
For its long-term care insurance products, Genworth Life Insurance Company’s complaint ratio was 0.32 in 2020, lower than the national complaint index.1
Ratings from Third Parties
AM Best is the best-known credit rating agency for the insurance industry. This organization issues Financial Strength Ratings to companies. It evaluates them on the basis of their operating performance, and their ability meet their contractual or policy obligations.
Genworth received a “B” (Fair), from AM Best in 2020. This is a reflection of Genworth’s poor operating performance.
Genworth no longer offers traditional life insurance so it was not included on the J.D. Power 2020 U.S. Life Insurance Study. This study ranked American insurance companies on the basis of price, communication, customer service, and reputation.
Cancellation Policy
You may be eligible for a free look depending on where you live. This period can last up to 30 days. You can review your policy documents during the free look period and cancel the policy at any time without being penalized. You will receive a full refund of all premiums paid if you cancel your insurance policy within the free look period.
Terms can change after the free trial ends. Please review your contract carefully.
You may be eligible to stop paying premiums if your long-term care insurance premiums rise. You might be eligible for a paid-up insurance policy that provides benefits equal to your premiums. To discuss your options, contact Genworth at 866-4918-0401
Price
Genworth offers a long-term insurance calculator that can be used to calculate your premiums. Be aware, however, that premiums can rise over time.
Genworth, like other long-term care insurance companies, has had financial difficulties in recent times. Companies have increased their premiums as a result. Genworth, for example, increased its premiums by 58% on average in 2018.
If your state’s insurance department approves the increase, your premiums could rise as often as once every 12 months. Genworth will provide 60-day written notice if there is a plan to increase your premiums.
Concurrence
Genworth does not offer traditional life insurance products. You will need to partner with another company to buy term, whole or universal life insurance policies.
Our choice for the best life insurance company is Mutual of Omaha. The company offers term, universal, accidental, and whole policies. There are many insurance riders that you can add to your coverage to increase your coverage, such as chronic illness riders or accelerated death benefit riders.
The J.D. Index ranked Mutual of Omaha fifth among 23 life insurance companies. The Power 2020 U.S. Life Insurance Study scored above the industry average for product offerings, customer satisfaction and pricing.