Genworth Life Insurance Review

From $330 to $11,200 a year, or from $28 to $930 a month, you may expect to pay for your long-term care insurance policy from Genworth Life Insurance. After age 60 and 70, your insurance premiums start to rise. When people in their 40s get insurance, the lowest premiums reflect a daily benefit of $50.

What affects my rate with Genworth?

Genworth Life Insurance Review - Genworth Life Insurance Logo

To put things in perspective, if you get insurance at 55 years old with a daily benefit of $150, you may expect to pay between $125 and $150 each month in premiums. There are a number of variables that will determine how much you pay for insurance.

  • Your age
  • Gender
  • Overall health
  • Benefit or coverage amount, such as $150 per day
  • Cost of care in your location

How to get a quote from Genworth life insurance

By phone or email, you can request more information on Genworth insurance. In order to get started, follow these steps:

  1. To talk with an insurance representative, please dial 866-469-7902. Otherwise, go to the long-term care insurance area of the website and request a free consultation.
  2. Provide your contact information, such as your name, birth date, and address.
  3. If you contacted us using the form, we’ll get back to you as soon as possible, either by phone or email.
  4. Provide further details about your health and insurance requirements in the form of supplementary questions.
  5. Verify and sign your insurance policy contract. Then, set up a payment plan. Start implementing your strategy.

What types of life insurance coverage does Genworth offer?

Until 2016, Genworth offered individual life insurance policies. Since then, the company’s focus has shifted. It presently offers the following coverages:

  • If you become unable to go around on your own, long-term care insurance can help you pay for facilities such as in-home care, assisted living, or nursing homes.
  • Employees can pick long-term care coverage through their workplace with the aid of group plans. This may entitle customers to additional discounts or provide them with a higher level of service.
  • Active life insurance policies. Existing policyholders can preserve their coverage even if new policies are not activated by Genworth.

What riders can I add to my policy?

There are no additional riders specified by Genworth for your long-term care insurance. There are, however, a few well-known riders:

  • Accelerated death benefit rider. If you’re diagnosed with a terminal disease, you’ll receive a portion of your death benefit sooner rather than later.
  • Rider waiving premium fees. It waives your monthly payment if you lose your job or become incapacitated while covered by this rider.

Genworth life insurance reviews and complaints

As of October 2020, Genworth had resolved 12 complaints with the BBB. There were several complaints about the company’s gradual but significant increase in insurance premiums over time. Not paying claims on time or bad customer service while terminating an insurance were two common issues raised by customers who complained.

On the basis of the overall number of complaints received, Genworth has a B- rating with the BBB. AM Best‘s financial rating for 2020 is a B (Fair). There has been a decrease in the company’s financial rating from prior years, indicating improvements are needed.

For another car insurance review, visit our review of Geico Life Insurance Review.

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Levi Jorgensen
Levi Jorgensen is a life-long explorer. When he's not writing about life insurance, he works as an appraiser of antiques. He's based in Columbus, Ohio with his wife and 2 children.
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