Genworth Life Insurance no longer offers life insurance products, but instead turned its focus to long-term care insurance offerings. The company’s lack of growth has hindered its financial strength, and the 2020 lawsuit over withholding information about rate increases has damaged its reputation. Consumers shopping for long-term care insurance may be better served by exploring other options.
- Pros and Cons
- Key Takeaways
- Proudct Specifications
Focuses only on long-term care insurance
May be offered as employee benefit, using pre-tax dollars
No longer offers life insurance products
Policies not offered through independent agents or brokers
Quotes not available online
- Genworth Life Insurance is an insurance company that doesn’t offer life insurance.
- Genworth was founded in 1871 and is a subsidiary of Genworth Financial.
- Genworth still services previously-sold life insurance and annuity policies.
- Genworth products are available in all 50 states.
- Year Founded 1871
- Number of Plans 1
- Payment Options Monthly
- Official Website https://www.genworth.com/
Genworth Life Insurance does not offer life insurance any longer, and now only offers long-term care insurance. We researched Genworth’s financial stability, policy plan options, website tools, and customer service reviews to help you compare the life insurance policy options of Genworth Life Insurance with the competition.
Genworth Life Insurance is a subsidiary of Genworth Financial and was founded in 1871 in Richmond, Virginia. The life insurance business was sold to Protective Life insurance in 2016, and Genworth now offers customized long-term care insurance to help offset the high costs of nursing home facilities and other health-related care costs.
Genworth Life Insurance sells mortgage insurance for homeowners under the moniker Genworth Mortgage Insurance (also a subsidiary of Genworth Financial) and it also partners with CareScout to help customers find the right level of in-home and long-term care services.
Although Genworth Life Insurance still services its previously sold life insurance and annuity plans, new customers can only purchase long-term care policies.
Long-Term Care Insurance
Long-term care insurance differs from traditional health insurance in that it covers services and care that comes with aging. This may include things like in-home assistance, nursing homes, or assisted living facilities. Long-term care insurance typically covers a daily amount toward the cost of assisted care with daily activities such as eating, bathing, and dressing.
Long-term care insurance policies can also help pay for in-home renovations to make your home more accessible, such as adding a wheelchair ramp or ADA-compliant bathroom upgrades.
Details about Genworth’s long-term care policies are not available online and can be obtained by talking directly with a Genworth Life Insurance sales representative.
Most insurance providers offer add-on coverage through policy riders. While information about Genworth Life Insurance riders is not available online, you can inquire about their policies and optional riders by contacting an agent directly by phone or by submitting an inquiry online via their contact form.
Customer Service: Many Ways to Connect
Most Genworth Life Insurance policies are supported in-house (instead of using independent agents), and customer service is available via email, phone, fax, or traditional mail. It also offers some basic customer support via Twitter.
Genworth Life Insurance customer service hours are Monday–Thursday, 8:30 a.m.–6:00 p.m. and Friday, 9:00 a.m.–6:00 p.m. ET.
Note: For Genworth policies offered through employers, contract your employee benefits department for customer service-related questions.
Customer Satisfaction: Slightly Better Than Average
Genworth Life Insurance received a lower-than-average number of complaints for a company its size. NAIC ranks customer complaints with a score based on the number of complaints received. With the national average score of 1.0 (the lower, the better), Genworth Life Insurance received a score of 0.89. This is an improvement from its 2019 ranking, which was just below average with a 1.12 score.
Genworth was not included in the J.D. Power 2020 Life Insurance Study as they no longer offer life insurance.
Genworth Life Insurance Lawsuit (2020)
Genworth Life Insurance was involved in a class action settlement in 2020 for allegedly withholding information from long-term care policyholders.
According to the lawsuit, in 2018, Genworth Life Insurance increased premium rates 58% on their long-term care customers without providing enough information. While the court could not determine if the company was guilty of any wrongdoing, a settlement was reached “to avoid the uncertainties, risks, expenses, and business disruption of continued litigation…”
Financial Strength: C++ (Marginal)
Genworth Life Insurance received an AM Best financial rating of C++ (Marginal), which may cause some pause to potential customers. This ranking was due to Genworth’s weak balance sheet, weak operating performance, limited business profile, and appropriate enterprise risk management.
Note: Genworth’s parent company, Genworth Financial, has a B (Fair) rating from AM Best, which gives Genworth better overall financial backing than their independent score indicates.
Cancellation Policy: Varies by State
Genworth Life Insurance doesn’t advertise any extended cancellation policy offers, which means customers can expect the minimum “free-look” period for insurance policies which is typically about 10 days. The free look period varies by state, but it allows customers who purchase an insurance policy to cancel it within the period and receive a full refund.
After the free look period has expired, cancellations to a long-term care policy will vary by state, terms, and the policy selected. You can contact a Genworth Life Insurance representative directly for more details.
Price of Genworth Life Insurance: Online Quotes Unavailable
Genworth Life Insurance does not provide long-term care pricing information online, but quotes will vary by age, health, and policy terms. Custom quotes can be obtained through Genworth Life Insurance’s sales team by calling them directly.
Policy pricing may also be available as employee benefits if your employer partners with the company. Genworth Life Insurance does not sell its policies through brokers or independent insurance agents.
Warning: Genworth raised its premium prices by 58% on average in 2018.
How Genworth Life Insurance Compares to Other Life Insurance
Genworth Life Insurance no longer sells life insurance and instead has focused on long-term care insurance. The company offers mortgage insurance through Genworth Mortgage Insurance as well.
While long-term care policies can help offset the large financial cost of in-home and nursing home facilities, it does not replace life insurance as a way to protect your assets. Here’s how Genworth Life Insurance compares to another insurance provider that also offers long-term care insurance.
Genworth Life Insurance vs. Mutual of Omaha
Both Genworth and Mutual of Omaha offer long-term care insurance and provide group benefits via employee plans. But overall, Mutual of Omaha offers far more products than Genworth. It carries life insurance and disability insurance as well as offers 401(k) plans for employers. Though both are considered life insurance companies, here are a few key differentiators between Genworth and Mutual of Omaha:
- Mutual of Omaha offers term, whole, and universal life policies in addition to long-term care coverage.
- Genworth Life Insurance partners with companies to offer long-term care policies paid for with pre-tax dollars (via paycheck deduction).
- Mutual of Omaha also offers supplemental medicare and dental insurance.
- Genworth has a much lower AM Best financial rating than Mutual of Omaha.
If you are looking for life insurance, Mutual of Omaha is a solid option with a good selection of policies available. For a long-term care option to cover the future costs of in-home and nursing home care, Genworth is worth a look.
Read our full Mutual of Omaha Life Insurance review.
|Genworth Life Insurance||Mutual of Omaha Life Insurance|
|Market Share||N/A||17th Largest, 1.54% of market|
|Number of Plans||1||10|
|Online Quotes Available?||No||No|
|Service Method||Email, phone||Email, phone, in person|
|AM Best Rating||C++ (Marginal)||A+ (Superior)|
|Complaints Index||0.89 (less than average)||1.22 (more than average)|
Genworth Life Insurance offers only long-term care insurance to help offset the financial burden of in-home and nursing home care. While getting a long-term care policy can be a wise financial move, the company’s weak financial strength may be concerning to those considering a Genworth Life Insurance policy.
Since Genworth Life Insurance no longer offers life insurance as a way to protect your family or your assets, if you are looking for a term or permanent life policy, you will be better served by choosing from one of the top life insurance companies instead.
With any insurance plan, it is best to shop around to find the best price, and always evaluate multiple companies to find the best option for your specific needs.
All of our reviews of life insurance companies are based on extensive research and analysis of each company based on offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.
Top Class Actions. "Genworth Life Insurance Company Class Action Settlement." Accessed April 20, 2021.
Investment News. "Genworth raises long-term-care insurance costs an average 58%." Accessed April 20, 2021.