Genworth Life Insurance Review

A long-term care insurance provider

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Genworth

  Genworth

Genworth Life Insurance Company is a subsidiary of Genworth Financial, a company that can trace its roots back to 1871. Based in Richmond, Virginia, the company no longer offers traditional life insurance products. Instead, its business is focused on long-term care insurance and mortgage insurance. 

  • Pros & Cons
  • Key Takeaways
  • Company Overview
Pros & Cons
Pros
  • Relatively low number of customer complaints

  • You can view a claim and pay online

  • Online aging simulators available

Cons
  • Life insurance products not available

  • Coverage available only for certain ages

  • Limited policy information available online

Key Takeaways
  • The holding company originated in 1871 and is based in Richmond, Virginia
  • Genworth Life Insurance Company is part of Genworth Financial 
  • It has discontinued its life insurance business
  • The company now sells long-term care insurance
Company Overview

Previously, the Genworth Life Insurance Company offered traditional life insurance products, such as term life insurance. However, the company suspended sales of life insurance policies in 2016 and sold its term life insurance business to Protective Life Insurance

While its long-term care insurance and mortgage insurance policies are underwritten by the Genworth Life Insurance Company, the company typically goes by Genworth for marketing purposes.

  • Year Founded 1871
  • Kinds of Plans Long-term care
  • Number of Plans 1
  • Payment Plan Options Monthly
  • Customer Service Phone
  • Phone 888-436-9678
  • Official Website www.genworth.com
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Important

Genworth Life Insurance Company is not one of our top-rated life insurance companies. You can review our list of the best life insurance companies for what we think are better options.

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. 
  • You can view a claim and pay online: Genworth does have an online portal for policyholders. Through the portal, you can view current claims and make payments. 
  • Online aging simulators available: Genworth has several innovative aging simulators you can use to see how your vision and coordination may change as you get older. 

Cons Explained

  • Life insurance products not available: Genworth discontinued its life insurance business. If you want to purchase term, whole, or universal life insurance, you’ll have to find another insurer. 
  • Coverage available only for certain ages: Genworth only offers long-term care insurance for people between certain ages. 
  • Limited policy information available online: Genworth does not post detailed policy information on its website. If you want more details about coverage, exclusions, and available riders, you need to have a consultation with a Genworth representative. 

Available Plans

Genworth no longer issues life insurance. Instead, it focuses on long-term care insurance. 

Long-Term Care Insurance

Many people need long-term care services and support as they age. The cost can be extremely high, so long-term care insurance can provide some protection. 

Unlike traditional health insurance or Medicare coverage, long-term care insurance covers services and support that you may need as you age. With long-term care insurance, you are reimbursed a daily amount—up to a predetermined limit—for services that you need for daily essential tasks, such as eating, dressing, or bathing. You can use services and take advantage of long-term care insurance in your own home or in an assisted living facility. 

Besides day-to-day services, you can also use funds for renovations made to your home to make it more accessible, such as adding wheelchair ramps or stability bars in the bathroom. 

Available Riders

With most forms of insurance, you can add insurance endorsements, also known as riders, to your policy to adjust your coverage. If you plan on getting a long-term care policy through Genworth, call the customer service department to see what riders are available. 

Customer Service

While Genworth no longer issues traditional life insurance products, it does service existing policies sold by the following companies: 

  • American Mayflower Life Insurance Company
  • Federal Home Life Insurance Company
  • First Colony Life Insurance Company
  • Genworth Life and Annuity 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

You can reach customer support by calling 888-436-9678 Monday through Thursday from 8:30 a.m. until 6 p.m. EST, and on Fridays from 9 a.m. until 6 p.m. EST. 

Class-Action Lawsuit

In 2020, Genworth Life Insurance Company reached a settlement in a class-action lawsuit. The suit alleged that Genworth intentionally withheld material information from long-term care insurance policyholders regarding premium increases. 

In the $24.5 million lawsuit settlement, Genworth did not admit liability but agreed to pay affected policyholders credits. 

Complaint Index

To help customers make informed decisions, the National Association of Insurance Commissioners (NAIC) releases companies’ complaint ratios every year, a number that reflects complaints received relative to the companies’ market shares. 

The industry standard complaint ratio is 1.0. If a company has a ratio below 1.0, it indicates that the company received fewer complaints than is typical for its size. 

For its long-term care insurance products, Genworth Life Insurance Company’s complaint ratio was 0.27 in 2020, lower than the national complaint index. 

What You Need to Know

For the past three years, Genworth’s long-term care insurance products have received fewer complaints than expected for its market share.

Third-Party Ratings

AM Best is the most well-known credit rating agency focused on the insurance industry. The organization issues its Financial Strength Ratings on companies, evaluating them based on their operating performance and their ability to meet their contractual and policy obligations. 

In 2020, AM Best affirmed Genworth’s “B” (Fair) rating, reflecting the company’s weak operating performance and limited business profile. For comparison, other top life insurance companies, such as Prudential and State Farm, have much stronger ratings. 

As Genworth no longer issues traditional life insurance, it was not included in the J.D. Power 2020 U.S. Life Insurance Study, a study that ranked insurance companies based on price, communication, and customer service. 

Cancellation Policy

Depending on what state you live in, you may have a free look period that lasts for as long as 30 days. During the free look period, you can review your policy documents and cancel the policy for any reason without penalty. If you decide to cancel your insurance policy during the free look period, you’ll receive a refund for all premiums paid. 

After the free look period ends, terms can vary, so review your contract carefully. 

If you have long-term care insurance and your premiums increase, you may be able to stop paying premiums. If you do so, you might receive a paid-up policy with benefits equal to the premiums paid. Contact Genworth by calling 866-4918-0401 to discuss your options. 

Price

For pricing, Genworth has a long-term care insurance calculator you can use to estimate what your premiums would be. However, be aware that your premiums can increase over time. 

Like other long-term care insurers, Genworth has faced financial difficulties in recent years. As a result, companies have significantly increased their premiums. For example, Genworth raised its premiums by 58%, on average, in 2018. 

Your premiums can increase as often as every 12 months if the increases are approved by your state’s department of insurance. If an increase is planned, Genworth will give you 60 days' written notice. 

Competition

Because Genworth doesn’t offer traditional life insurance products, you’ll need to work with another company to purchase term, whole, or universal life policies. 

Our choice for the best life insurance company is Mutual of Omaha. The company offers term, whole, universal, and accidental death policies. It has a robust list of insurance riders you can add to enhance your coverage, including chronic illness riders and accelerated death benefit riders. 

Mutual of Omaha was ranked fifth out of 23 life insurance companies in the J.D. Power 2020 U.S. Life Insurance Study, scoring above the industry average in product offerings, customer satisfaction, and pricing. 

Verdict

While Genworth can be a useful option if you’re looking for long-term care insurance to provide coverage for yourself as you age, it’s not a company you can use to purchase life insurance protection for your family. If you’re looking for term, whole, or universal life policies, you’ll have to work with another insurance company that offers life insurance. 

How We Review Life Insurance Companies

Our reviews of life insurance companies are based on a quantitative approach that analyzes each insurer on their stability and reliability, customer service, claims experience, diversity of product lines, and cost. We compare the terms of each type of policy offered—including available coverage amounts, optional riders, and premium payment options—with that of other major life insurance companies. Lastly, we look at how the company is rated by third-party organizations to determine its reliability and overall reputation. 

Learn more: Read our full Life Insurance Methodology.

Article Sources

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  5. Businesswire. “AM Best Downgrades Issuer Credit Rating of State Farm General Insurance Company,”. Accessed May 10, 2021.

  6. Businesswire. “AM Best Affirms Credit Ratings of Prudential Financial, Inc. and Its Subsidiaries,”. Accessed May 10, 2021.

  7. J.D. Power. "Life Insurance Customer Satisfaction Flatlines Despite Pandemic Fears, J.D. Power Finds." Accessed May 10, 2021. 

  8. Investment News. "Genworth raises long-term-care insurance costs an average 58%." Accessed May 10, 2021.