NOTE: According to Genworth, “Effective March 7, 2016, Genworth is suspending new sales of all traditional life insurance and traditional fixed annuity products, including Total Living Coverage®. Our decision to suspend new sales of these products in no way diminishes our commitment to providing service to our existing 2.8 million life and annuity policy and contract holders and their beneficiaries.”
Even though a company is relatively new on paper, it may not realistically be the case in the financial industry.
In the case of Genworth and its life insurance division, the name is newer, but the history and business behind the name aren’t.
Genworth understands the importance of caring for loved ones, and shares the challenges of first-time home ownership. They realize first-hand the realities of aging, and relate to the financial struggles that go hand-in-hand with growing older.
This is because the company derives its corporate strength from our shared human experience.
Since 1974 (and counting), Genworth Financial stands by its promise to provide sustainable financial solutions so clients can continue to live life on their own terms.
Our Genworth Life Insurance Company Review
In 1871, Virginia saw the birth of a new life insurance company, The Life Insurance Company of Virginia. This company would grow and operate under the same name for over a century.
Not until 115 years later would The Life Insurance Company merge by acquisition into Combined Insurance. The next year Combined Insurance switched gears again, naming themselves Aon.
In less than a decade, the company would be sold, yet again, to GE Capital, where it would remain for another eight years.
Finally, in 2004, the company became known as Genworth Financial Inc. In the biggest, initial public offering in that particular year, Genworth Financial would be sold as GNW on the New York Stock Exchange. Shares are still sold there today.
The Genworth Foundation, established in 2005, administers philanthropic grants to worthy non-profits around the world.
These grant recipients are pioneers in sustainable initiatives, acting as catalysts for change both communally and globally. More than $35 million has been donated to non-profits since its inception.
Genworth also rallies behind civic engagement by engaging in event sponsorships.
With a recent upgrade in its financial standing in 2013, at least according to A.M. Best, Genworth established its creditworthiness to the ranks of a “B-” grade. Moody’s has also given them a “B3,” with Standard & Poor’s awarding a “B-”.
Its correlating Comdex rating, which is based on these numbers, is a 52 out of 100.
Genworth Financial conducts business in more than 25 different countries around the world, and they’re featured in the Fortune 500 with an excess of $100K of assets on the books.
Realistically, not many other companies can rival the reach or the size of Genworth, and this goes a long way in building trust with clients and a stable foundation for the company’s future.
No insurance company would be complete without a fruitful array of products to choose from. Providing a suite of options on a variety of levels ensures the company will meet (and hopefully exceed) client’s needs and expectations.
Since Genworth doesn’t offer traditional life insurance or traditional fixed annuity products anymore as of 2016, the company has focused its energies on the following exclusive care funding and homeownership offerings:
- Long-Term Care (LTC) Insurance: This insurance is best suited for individuals requiring some form of support performing everyday activities in the long-term, such as getting dressed or eating. Coverage can help fund in-home care services, in-home modifications such as wheelchair ramps, or even be customized for assisted living or nursing home costs.
- Group Long-Term Care (LTC) Insurance: This form of LTC insurance is employer-offered, long-term care coverage. Genworth’s voluntary programs are offered to employers with at least 500 (or more) employees, while employer-sponsored programs are offered for any groups capping at 150 (or more) employees. Plan design, rate, and underwriting options are all customized to best fit each group’s needs and target demographics.
- Mortgage Insurance: This insurance is ideal for lenders and individuals wanting to make home ownership a reality. With this form of coverage home buyers are given not only affordable monthly payments, but also a down payment as low as 3%, among other attractive features. Lenders are even offered competitive rates and a quick turn-around for underwriting services.
- Immediate Need Annuity: Essentially, this form of annuity offers individuals a monthly income that can be allotted in any way he or she pleases. Along with no allotment limitations, the monthly income is immediately accessible and made available throughout your entire life. Even better, on-going medical examinations aren’t mandated, and claims are a thing of the past.
If you’re unsure how much long-term care may cost in relation to meeting specific needs, Genworth offers a free, long-term care insurance calculator on their website.
Although the calculator is only for illustrative purposes and premiums generated are not guaranteed, the premium estimation can prove helpful in assessing potential long-term care costs in your state.
Genworth understands how aging impacts our clients, whether financially, socially, or physically.
The company has been engaging in research focused on in-person and online simulations, where younger clients can become familiar with the physical challenges of aging and long-term care needs in general.
Specifically, the company’s created four distinct simulations providing an immersive experience for users:
- Hearing Impairments: This simulation allows you to experience auditory impairments first-hand. The main hearing impairments explored include Presbycusis, an age-related hearing loss, and Tinnitus, a consistent ringing in the ears.
- Mobility Challenges: This simulation allows you to experience mobility challenges first-hand. The main mobility challenges explored include Arthritis (join inflammation), Hand Tremors (neorological disorder), and Sarcopenia (age-related muscle loss).
- Vision Simulations: This simulation allows you to experience vision disorders first-hand. The main vision impairments explored include Cataracts (clouding of eye lens), Glaucoma (tunnel vision effect), Macular Degeneration (inner eye surface deterioration), and Floaters (microscopic eye fibers clumping together).
- R7Oi Aging Experience: This simulation is an all-inclusive experience that involves wearing a specially made suit. The suit is designed to mimic different common age-related impairments, such as arthritis or muscle loss.
Final Thoughts on Genworth
While their presence is made known in the life insurance industry, Genworth has strong positions in mortgage insurance, long- term care insurance (also seen as LTCi), and even annuities.
With this selection of insurance, and staying close to our list of all-around best life insurance companies, Genworth Financial is all around a highly reputable company with a broad spectrum of clients.
Aiming to target the needs of individuals, small families, and businesses all across the United States, Genworth is quickly making a name for itself in a variety of different markets.
Despite downsizing its traditional life insurance and traditional fixed annuity offerings in 2016, Genworth has grown steadily over the past decade. The company continues to seek innovative solutions and client loyalty.
|Company Name (and Subsidiaries)||Genworth Life and Annuity Insurance Company|
Genworth Life Insurance Company
Genworth Life Insurance Company of New York
Genworth Mortgage Insurance Corporation
|Company Ratings||A.M. Best (B-)|
Moody’s Investors Services (B3)
Standard & Poor’s (B-)
|Headquarters (Address, Phone, Web)||6620 W. Broad St.|
Richmond, VA 23230
|Policy Types Available||Long Term Care|
Group Long Term Care