As always, our goal during this Genworth Financial Review is to deliver you the information to help you make an informed decision on if they are the company for you or not.
We will get to that. Let’s get this party started.
Genworth Financial is one of the biggest financial security company in the world, and has total assets of over $100 billion! The company does business with consumers and organizations in more than 25 countries around the world and is also recognized in the Standard & Poor’s Index of Leading United States companies. Genworth Financial Inc. is also a Fortune 500 company and provides immediate annuities, private mortgage insurance, and long-term care insurance.
In October 2016, the company agreed to a sale, estimated to be around $2.7 billion to a Chinese holding company. The acquisition was approved by stockholders in March 2017, and the deal is waiting for approval from regulators before it can be completed. If you are looking for the best life insurance company to work with, here is our Genworth Financial review.
Genworth Financial Review- Company History
Genworth Financial started back in 1871, under the name of The Life Insurance Company of Virginia. It grew quickly throughout the years, and always offered stability and support to policyholders, and to its global product distributors. The company has thrived over the years and has created a collegial and caring environment, where it places the needs of its policyholders and customers first.
It is headquartered in Richmond, Virginia, and has more than 6,000 employees. The products offered by Genworth Financial are distributed among financial institutions like independent brokerages, and banks, through brokerage general agencies, and independent marketing organizations. All Genworth products can be offered by mortgage professionals and independent financial advisors.
The company has been around for nearly 150 years and has built a solid reputation in the industry as a top-rated insurance company. Even though it has gone through major changes throughout the years, the most important thing is that the company has stayed true to its vision and mission. Few companies manage to do that, but Genworth Financial has proven itself to be a top-class insurance company.
Genworth Financial Review- Company Overview
Genworth Financial is one of the biggest providers of long-term care insurance in the United States. It provides an extensive range of comprehensive coverages, which include a healthy selection of plan riders, several care options, and customizable benefits. Their signature offer, the Privileged Choice plans are excellent, since they offer great savings opportunities and discounts for couples. The qualification requirements they offer are great since they allow anyone with depression, nervous disorders, mental health issues and pre-existing conditions to get the care and help they need.
If anyone is looking for a company that really values their policyholders and offers the best products to its customers, then Genworth Financial is the one. They offer a solid long-term insurance product, which is designed to help people, without charging them exorbitant rates.
Financial Stability and Customer Service Ratings
Genworth Financial has been given a “B” rating from all leading U.S. credit rating agencies, which include one from A.M. Best. The company is recognized for meeting policy obligations and helping their customers get the best deals. Genworth has suffered heavy losses in recent years, because of an unprecedented number of long-term care insurance claims, along with low interest rates. This caused their earnings to be severely hurt and forced the company to enter an acquisition agreement, with a privately owned Chinese investment company, China Oceanwide.
Genworth Financial review of Genworth Insurance Coverage
Genworth Financial provides an extensive range of different financial and insurance products, which are offered to businesses and customers. The company offers life insurance, annuities, and long-term care insurance to everyone. The long-term care insurance products offered by Genworth are the most popular, along with the cost of care survey and annual long-term care survey the company offers every year related on home health care, assisted care, and nursing homes in the United States.
Genworth Financial also offers information on caregiving support and caregiving to loved ones and family members, so they can find respite when someone requires cognitive and physical support. The company has entered into a partnership with AARP to provide most of the guidance and information. The company also offers various kinds of life insurance protection products, which include:
Ø Term Life
This is the standard life insurance product offered in the market and comes with pure death benefit protection, and no investment or cash value build-up. This makes term life insurance the most economically viable option in the market, especially for people in good health, and those that are young when they are applying for life insurance.
If you’re not in great health and are looking for a no medical exam life insurance policy, then term life insurance is the best option available to you. It is offered in specific terms, which are generally 10, 15, 20, or 30 years, depending on the time the applicant applies and their age. Term insurance is temporary coverage because it has a set time limit.
Ø Whole Life
Whole Life insurance is ‘permanent’ life insurance coverage since it covers a person throughout their life if they continue paying the premiums. This insurance coverage comes with cash value build up along with a death benefit protection plan. The cash can be grown on a tax-deferred basis, which means that cash value won’t have any growth and it will grow and give a guaranteed rate of return
Ø Guaranteed Universal Life
Guaranteed Universal Life Insurance comes with cash value build-up and a death benefit. The only difference in this insurance coverage is that it gives the policyholder more flexibility. They can change the amount of the premium, along with the timing based on their needs.
Ø Index Universal Life
Index Universal Life Insurance offers both cash value build-up and death benefit protection in the policy, but the plans are less risky than variable universal life insurance policies and provide greater potential for growth. The cash value returned from these policies are linked to the performance of underlying indexes like the NASDAQ 100 or S&P 500. The funds will not be invested in the market.
Ø Key Man Life Insurance Policy
The Key Man Life Insurance policy is adopted by employers, who take insurance policies on the health and life of employees, whose overall contribution, work, or knowledge is valuable to the company.
All life insurance protection products offered by Genworth Financial come with add-on riders, and policyholders have the option to customize the coverage based on their needs.
Genworth Financial Review of Other Insurance Products Offered
Genworth Financial also offers immediate annuities and private mortgage insurance apart from long-term care insurance. They sell private mortgage insurance through lenders, which helps borrowers qualify for mortgages, with down payments that are less than 20%. This type of insurance helps protects the lender, from a possibility, when the borrower defaults on the loan. The borrowers must pay for insurance when they are paying for their monthly mortgage.
Genworth Financial also offers Income Assurance Immediate Need Annuity, which is meant for people above the age of 70 and with health problems. In this product, the buyer will pay a lump sum amount for the annuity, which offers a guaranteed monthly income stream, until their death. The annuity allows the buyers to utilize the income any way they want, and for anything. This product is meant for people who require care, and are worried about burning through their savings before they die.
Advantages and Considerations
Genworth Financial has received great reviews from customers based on its products and how it helps customers get the best value for money. Their customer support representatives are lauded for their commitment, and their ability to offer the best products. They have an extensive selection of life insurance products, covering different terms, and offering extras in their Universal and index UL policies.
The premium rates on their term life insurance policy are affordable, and ideal for healthy individuals that are applying for the first time. They offer a vast range of programs and plans that have additional riders, like accelerated death benefit. The term policies offered by Genworth Financial are suitable for applicants from the ages of 18 to 82, which allows them to provide great life insurance for clients.
The Genworth Medicare Supplement plans are extremely beneficial for seniors, especially those that are looking for Medicare supplement plans. The plans will provide you with 20% in payment for the first 20 to 100 days of health care supplement plans. If your state provides Medigap coverage from Genworth, then you will qualify for coverage by Medicare Part A & Part B. The Genworth Medicare supplement plan has a comparison chart, which is ideal for checking and ensuring that you are getting the best deal.
The maximum age to qualify for the Universal life insurance policy offered by Genworth Financial is 82, and the Universal Life policies offer different riders, which include the following:
Accidental death benefit
Guaranteed minimum cash value
Living / accelerated death benefit
The Index Universal life insurance policy, offered by Genworth Financial also provides great flexibility, since it provides long-term care policy riders and a rider for accelerated/living death benefits.
There is no denying that Genworth Financial offers some of the best insurance policies and products to customers in the United States. However, one of the biggest drawbacks of the company has been the massive increase in rates that it imposed on long-term care insurance policyholders. The increase has been very high in some cases, as some policyholders got a 100% increase in their premiums in over a year! That is a large raise, and this made most of their policies unaffordable for people, who had been long-term customers and had paid their premiums for years.
There have also been several downgrades, related to the credit ratings of Genworth Financial, given by the major financial services rating agencies in the United States. This affects the stock shares of Genworth Financial, which plummeted, and this meant that the company image took a beating, while confidence from policyholders was also at an all-time low.
The Bottom Line
The point of the Genworth Financial Review was to deliver you the information you needed to make an informed decision.
When you’re shopping for life insurance products and policies on the market, it is important that you get quotes from different insurance companies. This gives you a lot of options and ensures that you can compare different rates and quotes before deciding on the policy you want. Buying life insurance is an important decision and one that you should give a lot of attention because it is essentially about securing the financial freedom for your surviving family.
Therefore, it is important that you find the right policy, which allows you and your family to have a secure future that is free from financial problems. Genworth Financial has some outstanding long-term care life insurance products, and their annuities and other financial products are highly rated in the industry. The company has had an uncertain time in recent times, with the expected acquisition also set to bring about some changes.
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If you are shopping for life insurance policies and products, it is imperative that you review more companies and get competing quotes on different policies.