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.”
The following review will no longer be updated until further notice.
In the financial world, even though a company is relatively new on paper, it may not be the case in reality. In the case of Genworth and its life insurance division, the name is newer, but the history and business behind the name isn’t.
Our Genworth Life Insurance Company Review
In 1871, Virginia saw the birth of a new life insurance company, The Life Insurance Company of Virginia, where it would grow and operate under the same name for more than a century. Not until 115 years later would it be merged by acquisition into Combined Insurance, which would change its face again to Aon just a year later.
In less than a decade, it would be sold, yet again, to GE Capital where it would remain for another eight years. Finally, in 2004, it became known as Genworth Financial Inc. in the biggest initial public offering in that particular year where it would be sold as GNW on the New York Stock Exchange. Shares are still sold there today.
With a recent upgrade in its financial standing in 2013, at least according to A.M. Best, Genworth has established its creditworthiness to the ranks of an “B” grade. Moody’s has also given them an “Ba2”, with S&P awarding an “BB-” as well. It’s correlating Comdex rating, which is based on these numbers, is a 52 out of 100.
While these aren’t considered top notch, the company does business in more than 25 different countries globally, and they’re in the Fortune 500 with an excess of $100B of assets on the books. Not many other companies can rival the reach or the size of Genworth, and this goes a long way in building trust and a stable foundation for the future.
No life insurance company would be complete without a fruitful array of products to choose from to ensure they meet the every need of their clientèle. With a moderately priced term life insurance product available for a wide range, short term needs can be met for even the average or below average income families of Middle America.
Universal and whole life insurance products are also available for the more permanent needs of Americans, and there’s also an Index Universal Life product for those who want to attempt at increasing their cash values by utilizing market growth. While it is a complex product, it might suit those who seek a more aggressive approach and greater return with their premium dollars.
More On Genworth Life Insurance Company
While their presence is high in the life insurance industry, Genworth also has strong positions in the mortgage insurance side, as well as 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, they are all around a highly reputable company.
With an aim to target the needs of individuals, small families, and business all across America, Genworth is quickly making a name for itself in many different markets. These have grown steadily over the past decade, and the company continues to seek innovative solutions and the confidence of its consumers.
|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 (Ba2)
Standard & Poor’s (BB-)
|Headquarters (Address, Phone, Web)||6620 W. Broad St.
Richmond, VA 23230
|Policy Types Available||Term