Genworth Life Insurance Company Review

Written by Ross Quade

Contact Info:

Call: 1-888-436-9678

Office Hours: 8:30-8:00 ET, Monday- Thursday

9:00-8:00 ET, Friday

Website: www.genworth.com

Genworth Life Insurance Company wrote their first life insurance policy in 1871 under the name of The Life Insurance Company of Virginia. It is their claim that since this very first policy was written, that they have operated under a philosophy that commits them to adequately protecting their client’s financial well-being as well as helping them to achieve such well-being.

Genworth explicitly states that even in today’s challenging environment, they strive to strategically position themselves in a place where they can provide their policyholders with peace of mind through their financial stability in an effort to build client confidence, as well as a means by which to support their policyholders, distributors, and customers in any way possible.

Genworth Life Insurance Company has been deemed a Fortune 500 Company as well as affirmed an A, or excellent, rating by none other than A.M. Best, the leading premier insurance rating agency. Genworth is a publicly traded global financial security company.

History

Genworth Life Insurance Company was originally founded in 1871 under the name of The Life Insurance Company of Virginia, where it operated as such until 1986. In 1986 The Life Insurance Company of Virginia (or common day Genworth Life) was purchased by Combined Insurance. It remained for only a very short period of time, until 1987 when it became Aon plc (or Life of Virginia). GE Capital bought Life of Virginia in 1996. In 2004 Genworth was born as a result of numerous insurance collaborations from General Electric, making this IPO merger the largest of that year.

Positives

It has been noted by many reviews that Genworth Life has one of the latest policy writing agendas on the market. Where say an individual was denied by a handful of other life insurance policy providers, more often than not Genworth would pick up the client.

Fun fact, or useful perhaps if you have a sleep disorder, Genworth is the leading underwriter in the nation for issuing life insurance policies to sleep apnea, patients.

Additionally, Genworth is known for its acceptance rates for those who suffer from high or elevated blood pressure. For example, Genworth will generally issue a preferred rate class policy for those aged 61 and under with a blood pressure reading of 140/85; or 150/90 for individuals aged 65 and over.

Negatives

Upon reviewing many consumer complaints about Genworth Life Insurance Company, it cannot be overlooked that the majority of complaints are with regards to sudden extreme increases in policy premium rates. On average, the reviewed complaints from consumers were appalled when they received notice, to their dismay, of policy rate increases. Without any warning, their life insurance policy rate would increase by 60 percent. Most of these dramatic policy rate increases occurred around the ten-year mark of paying on the policy. However, some were as early as six years where the policy premium unexpectedly tripled. Imagine buying into a premium for nine years or $40,000 and then being told that your premium would increase by 60 percent, of which you could not possibly afford. What a loss.

That being said it would be in the consumer’s best interest to be sure that they FULLY understand all stipulations with regards to premium rate increases and fixed rates

Additionally, many customers also complained about Genworth Life Insurance Company’s customer service. The complaints stated that the customer service staff seemed very impersonal, as well as unconcerned with whether or not the policyholder kept Genworth as their life insurance provider. Most mention the overwhelming feeling of being “just a number.”

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Ross Quade
Ross Quade has been a licensed insurance agent since 2008. State of Texas license #1702965. He has a Bachelor Degree in Psychology from University of Minnesota and minored in Applied Economics. He has been quoted in several online publications including Huffington Post, Young Startups and various financial blogs. Ross frequently writes about issues related to the insurance and finance industry.
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