When it comes to purchase a life insurance from a company, you might need to read Genworth Life Insurance reviews now. Genworth is a life insurance company tracing its root back 1871. This company is based in Richmond, Virginia. However, it doesn’t offer traditional life insurance products anymore. Instead, the company focuses on the long-term care insurance and mortgage insurance.
Genworth life insurance is not the top-rated life insurance company. However, it can be the best option when it meets your needs.
On this article, you will learn anything about Genworth life insurance Company. In details, we would like to explain the pros and cons representing the reasons why people choose this company for purchasing life insurance, the available plans and riders, the customer service, the complaint index, the third party ratings, cancellation policy and other related information.
Without wasting your time, let’s now get the details of each points in the review below:
- 1 Pros of Why People Purchase Genworth Life Insurance
- 2 Cons Of Why People Purchase Genworth Life Insurance
- 3 The Plans Availability
- 4 The Riders Availability
- 5 Complaint Index
- 6 Third-Party Ratings
- 7 Cancellation Policy
- 8 Price
- 9 Competition
- 10 Customer Service
- 11 Class-Action Claim
- 12 How To Purchase a Claim
- 13 Conclusion
Pros of Why People Purchase Genworth Life Insurance
Regardless the fact that Genworth is not the top-rated life insurance company, in fact, many people stay true to the company for purchasing life insurance. In this regards, there are several reasons why the company is still favorable to some people.
First, Genworth has relatively low number of customer complaints. Its ratio is even lower that the national complaint index. This proves that Genworth life insurance company gets only a fewer complaints than expected. It also implies that this life insurance company is quite satisfying for the customers.
Second, Genworth life insurance Company allows you to view a claim and pay online. Genworth is featured by an online portal for the policyholders. This portal gives you an access to see the current claims and make payments.
Third, which might be the last reason, is the availability of online aging simulators. These simulators are so innovative that you can use it to check your vision and coordination that may change when you get older.
Cons Of Why People Purchase Genworth Life Insurance
Based on our Genworth Life Insurance reviews, there are also some reasons why some other people might want to look for another option for life insurance. First, Genworth doesn’t provide any insurance product. Its life insurance business is discontinued. So, if you would like to purchase either a term or a whole life insurance, you’ll need to find another life insurance company.
Second, Genworth life insurance Company provides coverage only for certain ages. In this case, the long-term care insurance is available for people between certain ages.
The third reasons why people must find another choice is the limited online information about the insurance policies. This way, Genworth doesn’t tell the clear and detail policy information on its site. if you would like to find the details about the insurance coverage, exclusion and available riders, it is recommended that you consult with a Genworth representative.
The Plans Availability
There is no more plans available in this life insurance company. Genworth no longer issues life policies. It focuses only on the long-term care insurance.
This long-term care service makes people keep purchasing the Genworth insurance to support the way they are reaching their ages. Though the cost can be certainly high, the long-term insurance offers some protection that most people need.
Different from the traditional health insurance or Medicare coverage, this long-term care insurance provides coverage for services and supports through the daily amount especially for daily essential tasks such as dressing, bathing and eating. This long-term care insurance is much beneficial in assisting your living facility.
There are also funds that you can use for your home renovations. That’s aimed to give you an access to renovate your home like adding new wheelchair ramps or stability bars in the bathroom.
The Riders Availability
Riders is an insurance endorsement that you can add and adjust to your policies coverage. If you would like to get a long-term care policy through Genworth, simply call the customer service department to check what riders are provided by the company.
According to our Genworth Life Insurance reviews, Genworth has complaint index that the customers can view to ensure their decision. Based on the National Association of Insurance Commissioners (NAIC), Genworth receives a fewer number of complaints than the typical for its size.
The industry standard complaint ratio is usually 1.0. If the company receives a complaints just below 1.0, it means that it receives only a few number of complaints.
For its long-term care insurance products, Genworth life insurance Company received 0.89 in 2020. This was lower than the national complaint index. This proves that the Genworth serves the customers well.
Based on NAIC, in the past three years, Genworth life insurance products have a fewer complaints than expected for its market share. So you can now confidently consider purchasing life insurance from the company, right?
Third-party ratings also indicates how the insurance company provides service to the customers. This way, AM Best is the most popular credit rating agency that focuses on the insurance industry. AM Best is an organization that issues its Financial Strength Ratings on companies and evaluates how the company works based on their performance and ability to fit their policy and contractual obligations.
AM Best has determined to rate Genworth with “C++. In comparison, other top-rated life insurance companies like State Farm and Prudential have stronger ratings than the Genworth. Due to the fact that Genworth no longer issues the traditional life insurance, it is not listed in the J.D Power 2021 U.S Life Insurance Study, a study that ranks insurance companies according to the price, customer service and communication.
Depending on where you live in, a free look period can be probably available for 30 days. During this free look period, you can start reviewing your policy for any reason without being afraid of getting penalties. If you want to cancel your insurance policies in this period, the company will send you a refund for all premium you have paid. When the period ends, you can review your policies. This way, you can even stop paying your premiums if the long-term care insurance and premium you have had increase. If do this, the company may give you a paid-up policy along with the benefits that are similar to the premium paid. For more information, you may contact 866-4918-0401 to talk about the options you are going to take.
Genworth offers a long term care insurance calculator to allow you to estimate your premiums. However, you should be aware of how your insurance increases from year to year.
Similar to other long-term care insurers, Genworth also experiences financial problems recently. Therefore, the companies have increased their premium in a significant way. For example, Genworth increased its premium by 58% on overage in 2018.
Note, your premiums can actually increase every 12 months if you get an approval from your state’s department of insurance. If an increased is made by a plan, the company will give you 60 days’ written notice.
As Genworth doesn’t come with the traditional life insurance products, you’ll need to contact the other company to purchase term, whole or universal life policies. If you want to purchase a term life insurance from this company, contact Mutual of Omaha. This company offers term, whole, universal and accidental death policies.
The company also offers a robust list of insurance riders. These riders can be added to enhance your coverage including the accelerated death benefit riders and chronic illness riders. In this case, Mutual of Omaha had a rank of fifth out of 23 life insurance companies in the J.D Power 2020 U.S Life Insurance Study. This score is higher than the average industry in product offerings, pricing and customer satisfaction.
Later in Genworth Life Insurance reviews, we include the customer service as it is also an important aspect to see from a company. In this regards, though Genworth doesn’t issue the traditional life insurance products anymore, it still provides the customers with the existing policies sold by the following companies:
- Federal Home Life Insurance Company
- American Mayflower Life Insurance Company
- First Colony Life Insurance Company
- Genworth Life and Annuity Insurance
- Genworth Life Insurance
- General Electric Capital Assurance
- The Life Company of Virginia
- The Harvest Life Company
- GE Capital Life Assurance Company of New York
- Union Fidelity Insurance Company
- Genworth Life Insurance Company of New Yourk
Genworth’s customer support can be reached at 888-438-9678 from Monday through Thursday. Call from 08:30 a.m. to 6 p.m. EST and on Friday at 9 a.m. to 6 p.m. EST.
In 2020, Genworth life insurance Company achieved a settlement in a class-action claim. The claim stated that the company intentionally withdrawn the material information from the long-term care insurance policyholders as the premium increases.
In its $24.5 million lawsuit settlement, this life insurance company didn’t admit the liability. Instead, it agreed to pay the credits of affected policyholders.
How To Purchase a Claim
Now that you have known Genworth life insurance clearly, you may probably want to know how to start the claim. In this regards, you can start both by phone and by mailing options.
If you choose to start the claim by phone, you can call 888.325.5433 from Monday through Thursday. Call from 08:30 a.m. to 6 p.m. EST and on Friday at 9 a.m. to 6 p.m. EST.
While you are calling, you will usually be asked to provide the information about your decedent’s full name, date of birth, social security number, place of death, policy or contract number, date and cause of death, name of a person reporting the claim and mailing instruction for claim packets.
Meanwhile, if you want to purchase the claim by mail, you can send the mail to: Life and Annuity Claims Department, P.O Box 10719, Lynchburg, VA 24506. Or, send you can also send the mail to: Overnight shipping address 3100 Albert Lankford Drive Lynchburg, VA 24501.
Finally, we could come to conclude that Genworth focuses on providing a long-term care insurance and mortgage insurance instead of traditional life insurance. This company is still preferable to many people as it is relatively having only a fewer customer complaints. It also enables you to view a claim and pay online. Besides, the company also provides online aging simulators.
The downsides of this life insurance companies rely on its coverage which is only available for certain ages and the limited policy information online. Further, the company doesn’t provide any life insurance products anymore. These downside makes other people look for another option elsewhere to meet their needs of protecting their families.
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