Genworth life insurance review September 2020
Standalone long-term care policies with a wide range of coverage levels.
finder.com's rating: 3 / 5
- Get a quote if… You’re planning for extensive help with long-term care expenses.
- Pick something else if.. You prefer a policy bundle or life insurance long-term care rider.
40 to 75
$50 to $500
Only if older than 51y.o.
Medical Exam Required
|Available states||All 50 states and DC|
|Policy options||Long-term care|
|Term lengths||10, 20, 30 years|
|Issue age||40 to 75|
|Coverage||$50 to $500|
|Medical exam required||Only if older than 51y.o.|
|Claim methods||Online, Phone, Mail|
|Customer support||Phone, Email, Online|
|Riders||No info available|
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Genworth provides wide coverage that can pay out for a variety of long-term care situations, including assisted living or in-home care. You can choose a coverage amount that either supplements your current funds or foots the cost of care entirely.
Consider that buying a standalone policy could preserve your life insurance death benefit for your loved ones. To that end, you might want separate long-term care insurance if you’d need help with most or all of the long-term care costs.
However, coverage with Genworth gets expensive once you reach your late 60s and 70s. In addition, Genworth doesn’t have the highest business and financial ratings, and its lack of other products means you can’t bundle insurance in one place. So you might weigh the benefits of this policy compared to other life insurance options that cover long-term care needs.
What types of life insurance coverage does Genworth offer?
Genworth used to offer individual life insurance products until it restructured its focus in 2016. The policies it now offers are:
- Long-term care insurance helps you pay for in-home, assisted living or nursing home facilities if you can no longer get around by yourself.
- Group long-term care policies help employees choose a long-term care policy through their employer. This may offer them additional benefits or discounted rates.
- Active life insurance policies. While Genworth won’t activate new life insurance policies, existing policyholders can keep their coverage in force.
What riders can I add to my insurance policy?
Genworth doesn’t specify any riders you can add to your long-term care policy. However, a few common riders include:
- Accelerated death benefit rider. Pays out a portion of your death benefit ahead of schedule if you’re diagnosed with a terminal illness.
- Waiver-of-premium rider. This rider lets you keep coverage even if you lost your job or became disabled by waiving the cost of your monthly premium.
How much does Genworth life insurance cost?
Your long-term care policy could cost anywhere from $330 to $11,200 per year, or $28 to $930 per month. Your premium begins rising once you hit your late 60s and 70s. The lowest premiums reflect a minimum $50 daily benefit for those starting a policy in their 40s.
For context, if you buy a policy at age 55 with a $150 daily benefit, you may see a premium of around $125 to $150 per month. Your exact premium will depend on factors like:
- Your age
- Overall health
- Benefit or coverage amount, such as $150 per day
- Cost of care in your location
Pros and cons of Genworth life insurance
- Wide coverage levels. Genworth lets you choose benefit amounts ranging from $50 to $300 per day. This lets you tailor coverage to needs, budget or to supplement your own ability to pay for long-term care.
- Experienced company. The company has served over one million long-term care insurance customers and has 75 years of industry experience.
- Instant quotes online. Genworth helps you estimate costs down to the dollar using its online premium calculator and cost of care tool. The cost of care tool is specific to costs in your area.
- Locates professional caregivers for you. The company offers no-cost services to locate top professional caregivers in your area.
- Less-than-best business ratings. Despite its longstanding experience, Genworth holds a B rating with the Better Business Bureau (BBB) and AM Best. You could find better ratings with competitors.
- Few policy options. You’ll need to look elsewhere if you want other types of life insurance to help with expenses.
Compare alternatives to Genworth
Genworth life insurance reviews and complaints
Genworth has closed out 10 complaints with the BBB in the last 12 months, as of April 28, 2020. Multiple complaints were regarding the company raising premiums dramatically over time. A few complaints dealt with the company not paying out claims in a timely manner or poor customer service when canceling a policy.
Genworth holds a B rating with the BBB, based on the total number of complaints received. It has also received a B (Fair) financial rating from AM Best in 2019. This financial rating is a downgrade from previous years, suggesting the company could work on its financial stability.
How do I sign up for Genworth long-term care insurance?
You can apply for a Genworth policy by phone or request information through a contact form. To apply:
- Call 866-469-7902 to speak to an insurance rep. Otherwise, click to request a free consultation from the website under the long-term care insurance section.
- Give your personal information, including your name, date of birth, address and contact information.
- If you used the contact form, wait for a callback or email from a representative.
- Answer additional questions about your health and coverage needs.
- Review your policy contract, sign and set up your payment process. Start your policy.
Common questions about Genworth long-term care insurance
Life insurance ratings
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★★★★★ — Good
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★★★★★ — Subpar
★★★★★ — Poor
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