Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Jan 15, 2021

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The Brief

  • As of 2016, Genworth Financial no longer sells life insurance policies.
  • Their current products consist of long-term care insurance, mortgage insurance, and care services.
  • Life insurance and annuity policy owners should be safe sticking with Genworth, but they should keep an eye on the company’s financial situation.

Genworth life insurance policy owners may be wary of the company’s current financial situation, which is wise. However, in most cases, sticking with your policy may be your best option.

In our Genworth life insurance review, we’ll discuss Genworth’s history, their past life insurance products, current products, industry ratings, and whether you should find a new life insurance company.

Enter your ZIP code above to find affordable life insurance rates from companies near you.

Who is Genworth?

Genworth Financial was founded as the Life Insurance Company of Virginia in 1871. In the early 1900s, they began offering products, such as annuities, life insurance policies, endowment policies, mortgage insurance, and other long-term financial products.

While the company was owned by multiple parent companies throughout the 1900s, in the early 2000s, they were purchased by General Electric under the name Genworth Financial.

In 2016, Genworth switched their focus to mainly long-term care solutions, but unfortunately, this decision led to financial setbacks. The company was purchased by China Oceanwide Holdings Group in October 2016.

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Does Genworth still offer life insurance?

In 2016, Genworth stopped selling life insurance policies. Before this time, they offered the following life insurance policies and financial products:

  • Colony Term – These term life insurance policies were offered in 10-, 15-, and 20-year terms that were renewable and could be converted to permanent life insurance policies. Premiums increased annually.
  • Foundation Builder Index Universal Life – This IUL policy allows the owner a death benefit plus the ability to accumulate cash value that offered a 30-year, no-lapse guarantee regardless of cost of insurance or cash values as long as you pay your premium.
  • Asset Builder Index Universal Life II – This IUL policy is similar to the Foundation Builder IUL policy, but it has a 10-year, no-lapse guarantee and is based on the percentage change of the S&P 500.
  • Total Living Coverage – This policy offered a combination of index universal life insurance with long-term care coverage.

Genworth also stopped selling single premium deferred and immediate annuities and fixed annuities.

Individuals who purchased these products when they were still being offered still have access to their benefits from Genworth.

What other products does Genworth offer?

Genworth currently offers long-term care insurance, group long-term care insurance, mortgage insurance, and help finding care services through CareScout.

Long-term care insurance is coverage for care services needed as we age. This policy can help provide care in the home or at another location, as well as make modifications to the home.

Group long-term care insurance is a similar policy offered through employers and customized to the demographics of the group.

Mortgage insurance protects lenders in the event of the borrower defaulting on payments. It can help the borrower qualify for a loan they wouldn’t normally be able to get with a smaller down payment.

CareScout’s care services help families find caregivers that will meet the needs of their loved ones.

What should I do with my Genworth life insurance policy?

In most cases, you should be fine just keeping your Genworth life insurance policy. Genworth is still committed to supporting its existing life insurance and annuity customers.

Sticking with the Genworth life insurance company is especially helpful if you:

  • Have deteriorating health or are over the age of 65, since Genworth offered lower rates for those with certain health conditions
  • Were between the ages of 60-65 and purchased a 30-year term universal life policy, since the standard is typically up to age 59
  • Purchased an affordable term life insurance policy or guaranteed universal life insurance policy, since Genworth offered rates that were generally lower than average

If none of these situations apply to you and you are feeling uncomfortable with the financial situation surrounding Genworth, you may choose to find a new life insurance company. Just keep in mind that you may have to pay higher rates.

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Genworth Industry Ratings

Genworth Financial is not accredited by the BBB. They have a B- rating with 32 complaints filed against the company, giving it a 1.17/5 star rating.

A.M. Best has given Genworth a financial strength rating of b, meaning they have a marginal ability to handle their financial obligations and may be at risk of being negatively affected by adverse economic conditions.

How can I get a quote or file a claim?

You can no longer receive Genworth life insurance quotes since you can no longer buy Genworth life insurance.

However, you can receive rate estimates using calculators on their website (www.genworth.com) or request a free consultation or call (877) 783-1386 for an accurate quote for their other products.

To file a claim for your Genworth life insurance or annuity, you can call (888) 325-5433. You will need to provide them with your contact information, the deceased’s information, death-related information, and policy number.

You can mail your claims documents to Life and Annuity Claims Department, PO Box 10719, Lynchburg, VA 24506. The overnight address is 3100 Albert Lankford Drive, Lynchburg, VA 24501.

You can also use your Genworth life insurance login to manage your policy.

Here is a summary of their contact information:

Genworth Contact Information
Websitewww.genworth.com
Quote Phone Number(877) 783-1386
Life Insurance Claims Phone Number(888) 325-5433
Life Insurance Claims Mailing AddressLife and Annuity Claims Department
PO Box 10719
Lynchburg, VA 24506
Life Insurance Claims Overnight Mailing Address3100 Albert Lankford Drive
Lynchburg, VA 24501
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Genworth Financial is currently owned by China Oceanwide Holdings Group after they were purchased from General Electric following financial difficulties.

Genworth stopped selling life insurance policies in 2016 to focus on long-term care insurance and mortgage insurance.

While existing customers should keep their eye on the company’s financial situation, the company is still committed to supporting their life insurance and annuity policy owners.

If you are interested in finding a new life insurance company, enter your ZIP code below to use our free quote comparison tool.

References:

  1. http://ratings.ambest.com/Search.aspx?