Genworth Life Insurance Company Review

Genworth Life Insurance Company Review
Clickable Table of Contents
    Add a header to begin generating the table of contents

    Update: Genworth has announced that they are no longer offering new life insurance policies for purchase. Please read our Updated Genworth life insurance review in the Notes at the bottom of this post. Find out and learn about who are current best life insurance companies available to you.

    Genworth Life Insurance Review

    In addition to having various kinds of life insurance policies to choose from, there are also multiple life insurance companies. When you begin your search for a suitable insurance company, your options can be daunting. This can make selecting a company difficult.

    Fortunately, we can help you navigate through your options and simplify the process. This article will have a look at Genworth Life Insurance. After reading it, you can decide if you want Genworth to be on your list of carriers before narrowing your life insurance company choices.

    History of Genworth

    As an A.M Best A-rated life insurance company, Genworth has a reputation for being a financially secure organization.

    Genworth has modified their costs for term life policies, making the company one of three carriers with the best rates 9 out of 10 times. The most practical approach to determining if they are right for your age is to contrast rates against one another, particularly if you’re older than 65 and are in search of life insurance and life insurance payout amounts.

    Genworth might be for you if you’re in search of an organization that’s been in the industry for decades and has a reputation for being secure in the insurance market. They’re a stable business and have better rates than their competition.

    Genworth Financial Term Life Policy

    There are a couple of insurance types offered by Genworth – term life and universal.

    Term life will generally be the most economical choice since there are expiration dates attached to each policy. They are typically in 10, 15, 20, and 30-year term durations, hence their affordability. Most families opt for term life since it is more cost-friendly to them, and they can purchase extra coverage down the road. You can even customize your policy with life insurance riders.

    A term policy keeps their income protected should tragedy strike. Term life insurance is always the best way to go if you desire the cheapest insurance coverage for the ones you love. Granted, not all people want to have a policy that will expire at some point, and for those people, universal is the better way to go.

    Universal insurance remains in effect as long as the monthly premiums continue to be paid, which is helpful for applicants who don’t want to reapply for coverage later. Universal life insurance is more expensive than term, particularly if you’re a younger applicant capable of obtaining cheap term life insurance.

    Genworth Financial Universal-Life

    Genworth also provides Universal Life insurance with a couple of life insurance types: Guaranteed Universal Life (GUL) and Index Universal Life (IUL).

    IUL offers a greater feasibility for the accumulation of cash value by matching an index to cash value – typically the S&P 500. Unfortunately, if the S&P 500 performs poorly, particularly during the policy’s early life, the policy might lapse earlier than anticipated.

    With Guaranteed No Lapse Universal Life, the build-up of cash value won’t be as high as an IUL, but this policy will be active throughout your entire life without an increase in premiums. A GUL is a practical alternative to Whole Life since it is more affordable. However, it doesn’t offer as much cash savings inside of the policy.

    Finding the Best Rates for Life Insurance

    If you’re in search of the most economical life insurance, likely via a term policy, there are multiple methods available to you that can give you lowest possible rate.

    Age is a key element in determining your premiums, so it’s important that you begin the search for life insurance as early as you can. There is little you can do about your age.

    An alternative approach to reducing your premiums is by bettering your health. Once you chose a company to purchase a policy from, they’ll need to know the state of your health to determine how risky you are to insure. This is called life insurance underwriting. Shoppers looking for life insurance with preexisting conditions need to be aware that each company is different in how they rate you.

    Once you finish the preliminary paperwork, the organization will have you meet with a paramedic to conduct a medical exam. If you opt for a no-medical exam policy, the exam results will be a factor in the amount you pay for coverage.

    The insurance company will need to know your blood pressure, weight, and cholesterol levels, and will take a blood and urine sample. If you want to spend less, improve your health through exercise and diet.

    Each approach will aid you in losing weight and will reduce your risk for extreme health issues in the future. Likewise, if you intend to obtain the most economical coverage, you’ll need to quit smoking.

    Tobacco use will make your insurance premiums skyrocket. Those who smoke will pay at least twice as much for coverage, as opposed to the amount a nonsmoker will pay. If you want life insurance that’s affordable, stop smoking. If you’re not willing to, there are companies who provide you with affordable life insurance.

    To get the best rate you can, make sure that you’re not buying more life insurance than you need. You must determine how much coverage your family needs. Failure to do so will cause you to pay high premiums on a monthly basis.

    Should You Change Your Genworth Life Insurance Policy?

    Switching to a new life insurance company may or may not be a good strategy.

    If you’re worried that Genworth will go bankrupt, just know that is very rare for life insurance companies to go belly up.

    As a safety net, the Insurance Guaranty Association makes sure that life insurance claims are paid based on each state’s claim limits. So you don’t have to change.

    However, if you are uncomfortable with Genworth’s situation and want to shop around, you need to think about the following: You will be subjected to underwriting and if approved, your rates will be based on your current age. Does it make sense buying life insurance from another insurer?

    It will depend on your specific situation, health and lifestyle. We’ve reviewed dozens of life insurance carriers such as: National Life Group, ING Reliastar, Progressive Life, Vantis and Liberty Bankers Life just to name a few. We’ll help find the best company from over 40 of the best carriers in the USA.

    Call us at 888-411-1329 and we can help review your case and see if it makes sense to change insurers.

    Genworth Life Insurance Company Review

    Thank you for reading our post, Genworth Life Insurance Company Review. Please leave a comment or question below.

    To learn more about life insurance, make sure to visit our page Life Insurance 101 or find out how much you may end up paying for coverage on our Life Insurance Rates by Age page.

    Genworth Update

    Genworth had some financial losses the past few years. They made a major announcement in October of 2016.

    Genworth stated that they have agreed to move forward in selling itself to a Chinese holding company. They announce that they would be selling for 2.7 billion dollars. This transaction has to get approved not only from regulators, but also from Genworth’s stockholders.

    This transaction is scheduled to close around the middle of 2017. Once acquired from China Oceanwide Holdings Group Co, Genworth will standalone as a subsidiary. Tom McInerney, Genworth CEO and President, announced that Genworth doesn’t believe that this sale would affect current policies.

    What now? Find a better company!

    Go to our Life Insurance Companies review page and learn about the best life insurance companies in the USA. We provide insight into each company’s financial strength as well as their pros and cons.

    Find out in 30 seconds which company will give you a better rate than Genworth.

    Since Genworth has discontinued life insurance sale, who will offer you the best deal? Will Assurity or some other company like Symetra, Primerica, Mass Mutual or CMFG Life get you the lowest rate? If you want to make sure you’re getting the best life insurance policy available, here’s what you need to do…

    Step 1

    Do This Now

    Start by clicking here!

    You’ll see our instant life insurance calculator where you will compare rates from dozens of the top companies.

    Nothing too complicated, it just needs the basics about what you’re wanting, how much coverage, for how long, etc. That way we can understand your situation before we can help you.

    Complete the calculator details as accurately as possible, and be absolutely sure your contact information is correct so we can reach you.

    Step 2

    Here's what will happen next

    Once you’ve filled out the calculator, one of our licensed life insurance agents will reach out to you to provide you all your options and plan out who will provide you the best rate based on your specific health and lifestyle.

    All of the recommendations will be based off of the details you provide. It’s very important that you’re honest and answer your agent’s questions accurately. 

    This is where we really begin working to figure out exactly which company will get you the best rate, and how to make it happen. There are literally hundreds of companies and thousands of policy options available. We’ll make sure you get the best one.

    Get a Quote

    If you’d like to get a free instant life insurance quote, simply click here. You can compare rates from dozens of the best life insurance companies in the market. You can also call us directly for a custom quote.

    GENWORTH LIFE INSURANCE COMPANY REVIEW

    If you’re not sure where to begin, give us a call. Our agents provide a free, no-pressure, educational approach to life insurance. We’ll compare dozens of the top companies in minutes to show you your most affordable options. Toll Free: (888) 411-1329

    Genworth Life Insurance Company Details

    Name(s):Genworth Life Insurance Company; Genworth Life and Annuity Insurance Company; Genworth Mortgage Insurance Corporation; Genworth Life Insurance Company of New York

    Address:

    6620 W. Broad St.
    Richmond, VA 23230

    Phone: 804-281-6000

    Websitewww.genworth.com/

    Ratings:  A.M. Best (B), Fitch (N/A), Moody’s (Ba2), Standard & Poor’s (BB-)

    Last Updated on

    Summary
    Review Date
    Reviewed Item
    Term Life Insurance
    Author Rating
    41star1star1star1stargray

    You may also be interested in:

    Michael Quinn LIB

    About Michael Quinn

    Michael Quinn is the cofounder of Life Insurance Blog and a multi-state licensed life insurance agent. LIB has helped thousands of people understand life insurance and secure affordable coverage.

    Share on facebook
    Facebook
    Share on reddit
    Reddit
    Share on twitter
    Twitter
    Share on linkedin
    LinkedIn
    Share on pinterest
    Pinterest
    Share on email
    Email

    Get Instant Quotes

    Simple way to compare and buy life insurance

    The Simple way to compare and buy life insurance

    4 thoughts on “Genworth Life Insurance Company Review”

    1. I currently have a term life insurance policy with Genworth Life & Annuity. My policy will expire in 3 years. Is it possible to extend the term policy for another 10 years?

      Thank you,
      Marcia Kucia

    2. Jan and Chris Caskey

      My husband and I each have a 20 Year Term policy that will expire in 2019. Is there a way to convert these policies to another plan or even another 20 year term and keep are same premium amounts?

      1. Hi Jan! Thank you for contacting us. One of my agents is reaching out to to answer all your questions and present you with all of your options.

    Leave a Comment

    Your email address will not be published. Required fields are marked *