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Genworth Life and Annuity
Company Review
Genworth began when the Life Insurance Company of Virginia sold its first policy back in 1871. For 150 years, the company has built an extensive family of strong, well-respected insurance companies and distribution partnerships across the globe. Building on this strong heritage, Genworth works to serve its customers through its investment, insurance, and annuity products. Their century and a half of experience enables them to better understand and anticipate individuals' financial security needs.
Throughout Genworth's long history, their insurance companies have helped millions of policyholders achieve financial security through their life and long-term care insurance as well as their annuity products.
Genworth Life and Annuity
- P.O. Box 40005
Lynchburg, VA 24506
Advantages of Genworth Life and Annuity
Genworth has the backing of decades of trust with its customers and the market at large. Its dedication to its clients can be seen through its products, its history, and its customer services. Despite a financially tumultuous past several years, Genworth has made sure to never default on a single claim, showing that it is committed to serving its customers through thick and thin. If you are in the market for long-term or mortgage insurance, Genworth is a solid choice.
Disadvantages of Genworth Life and Annuity
Even though it has been in business for 150 years, Genworth lacks the financial strength that consumers come to expect from life insurance companies. With many brand changes, sales, and restructuring over the past few decades, many do not maintain confidence in the company’s financial stability. While it has never defaulted on a claim, this does not mean it cannot happen down the road.
Additionally, Genworth is primarily a long-term insurance and annuity provider. In fact, the company suspended the sale of life insurance in 2016 during a restructuring effort. The company is in the process of being sold to China Oceanwide Holdings Group, which may change its offerings permanently. Unfortunately, while there are many insurance products offered by Genworth, life insurance is currently not available.
Available Products
Genworth no longer offers life insurance or fixed annuity products as of their suspension in 2016. However, they do offer the following long-term care and mortgage insurance:
- Long-Term Care Insurance: This product is designed for people who are in long-term need of regular physical support for day-to-day activities. This product can work toward home health services, home modifications for impaired movement, or nursing home and assisted living expenses.
- Group Long-Term Care Insurance: This product is provided to employers who have a minimum of 500 employees on their payroll. Programs that are sponsored by the employer can be used for groups of 150 or more.
- Mortgage Insurance: Genworth offers mortgage insurance to prospective homeowners and lenders at affordable premium rates. It also allows buyers to put down as little as 3% as a down payment. Lenders can also take advantage of the low rates and fast underwriting.
- Immediate Need Annuity: This product provides immediate cash to the policyholder to be used in any way needed. There are no limitations on allotment and you can access the income throughout your life.
Genworth Life and Annuity Ratings
One of the most important aspects of a life insurance provider is its financial strength. Purchasing a policy from a company that goes out of business before your beneficiary can collect the benefits can be devastating for your loved ones and nullify the protection you’ve provided. While some states provide legislation for situations such as this, it pays to be aware of what might happen. Take a look at Genworth’s financial strength ratings from the top agencies.
| Agency | Rating | Description |
|---|---|---|
| A.M. Best | A | Superior |
| Standard & Poor´s | A | Very Strong |
| Moody´s | A2 | Good |
| Fitch | A- | Strong |
Conclusion
Genworth’s history and built trust make it an enticing choice as an insurance company. However, because it currently does not sell life insurance products, those looking for that kind of coverage would be better served by a different company. Additionally, the lack of financial stability and pending sale puts the security of its policyholders at risk.
Understanding what makes for a good choice in life insurance companies can be complicated. However, that is just the beginning. You must still choose the type of policy you’d like, the amount of coverage, and who you are going to name as your beneficiary, among other things. Not to mention the factors that go into determining the cost of a life insurance policy.
Because of this complexity, it can be easy to make crucial mistakes when purchasing coverage. That’s why it’s always best to have a qualified expert help you handle the buying process. Here at LifeQuote, we have a team of dedicated life insurance agents who will help you make the best choice and handle all of the details and communication. All you need to do to get started is contact us for a free online quote.
