Genworth Life Insurance

Pros Explained

• Relatively low number of customer complaints: Genworth’s complaint ratio is lower than the average, showing that Genworth received fewer complaints than expected 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 regularly—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 Insurance 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 0.86 in 2021, lower than the national complaint index. 

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. 

AM Best rates Genworth a "C++". 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 2022 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, you can call and speak to a Genworth representative to get a quote.

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, in the first half of 2022, Genworth's calculated annual premium increase was an aggregate of $84.5 million.

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 third out of 22 life insurance companies in the J.D. Power 2022 U.S. Life Insurance Study. The company scored 801 which was well above the average of 774.

Final 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, you can't 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.

Frequently Asked Questions

Does Genworth still sell life insurance?

Genworth no longer offers traditional life insurance. The company sold its life insurance business to Protective Life Insurance in 2016. It now focuses on long-term care insurance.

Is there a class action lawsuit against Genworth?

Not currently, however in 2020 a class action lawsuit was brought against Genworth claiming that the company withheld information about premium increases from policyholders. While Genworth paid credits to these policyholders, it did not admit liability.

What is Genworth's financial outlook?

In recent years Genworth has faced financial difficulties, similar to other insurers in the industry. This led to an increase in premiums in the first half of 2022, with Genthworth's calculated annual increase at a total of $84.5 million.

How does Genworth compare to other similar companies?

Other companies in the industry, like State Farm and Prudential, have much higher AM Best ratings than Genworth, which was rated at a C++. Additionally, Genworth does not offer traditional life insurance products anymore and is limited to certain ages while similar companies, like Mutual of Omaha, offer a wealth of life insurance options for a wider range of consumers.

Methodology

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.