Genworth Financial Long-Term Care Insurance Review

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Genworth Financial Long-Term Care Insurance Review

Company Details

Founded: 2004
Headquarters: Henrico County, Virginia

Claim Information

Phone Number: 800-621-3724

Products Offered

  • Long-Term Care Insurance
  • Life Insurance
  • Annuities

Insurer Highlights

Genworth is the granddaddy of the Long-Term Care Insurance industry. Their roots go back to the early 1970s when the Firemen's Fund issued its first nursing home policy. Years later, they were acquired by American Express, which was acquired later by GE Capital. Then, years later, GE spun off that division in an IPO. The final result was Genworth. 

In addition, all those companies individually and Genworth itself acquired numerous other companies' Long-Term Care Insurance business over the years. 

Company Problems

No company has had the experience level that Genworth possesses. Unfortunately, that also creates problems. Many of these older plans have had premium increases, many of which were not underwritten by Genworth. These older "legacy" products were marketed and priced before rate stabilization rules that are now in place and the interest rate crash.

Genworth has suspended selling Long-Term Care Insurance for the time being (except for a few large employer plans). Following a failed attempt to be acquired by a Chinese firm, the company is now deciding how to proceed. Genworth continues to service its policyholders.  

Few have questioned the quality of Genworth products and its customer service, including what is regarded as the industry's best claims department. However, poor financial ratings will hurt the company in the future.   

Genworth Financial Ratings Dropped

AM Best has dropped its rating for Genworth to C++ - Marginal. Many Long-Term Care Insurance specialists may avoid the company even if they release a new product in the future unless the company's financial outlook improves.

Other Options to Consider

If you are currently considering Long-Term Care Insurance, several top-rated insurance companies offer both traditional and partnership-certified plans. The top insurance companies for traditional Long-Term Care Insurance include: 

The top insurance companies for hybrid plans that combine life insurance or an annuity with a qualified rider (meeting federal guidelines) for long-term health care include:

Genworth Features and Benefits

Genworth has several series of products that consumers may own. The most recent product series, Genworth Financials' Privilege Choice Flex 3, includes several features and benefits consumers and long-term care specialists look for in a long-term care insurance policy:

  • Partnership certification
  • Daily or Monthly Benefits from $1500 a month to $9000 a month
  • Shared Care Benefit
  • Multiple inflation options, including 2%, 3%, 4%, 5% compound, 5% simple, and Future Purchase Options
  • Return of premium due to death before age 65
  • Multiple elimination periods from 30 days to 365 days

Genworth employer group plans offer similar benefits; however, you would be encouraged to shop for coverage outside the group plan if you are healthy. 

Claims

If you own a Genworth Long-Term Care policy and seek help submitting a claim, LTC NEWS offers free - no-obligation assistance - including help finding quality caregivers and facilities. Since most agents have little or no experience in this area, this assistance can be beneficial for the entire family - Filing a Long-Term Care Insurance Claim | LTC News

Partnership

Genworth did offer Partnership Long-Term Care Insurance policies in all the partnership states over the years. Partnership policies provide additional dollar-for-dollar asset protection.

Things to Consider When Shopping for Long-Term Care Insurance?

When shopping for Long-Term Care Insurance coverage, remember that numerous state and federal regulations impact Long-Term Care Insurance. Each state's department of insurance regulates products and premiums. 

Every insurance company must file their products and pricing, along with actuarial data supporting their pricing, with the state's insurance department before marketing the product in that state.

You can use all the tools and resources available on LTC NEWS to help you with your research - Resources for Long-Term Care Planning.

There are more similarities than differences when it comes to features and benefits. However, options and benefits vary from company to company, and premiums can vary between companies by over 100% when comparing equal benefits.

Underwriting

Long-Term Care Insurance is medically underwritten, and every company has underwriting rules that determine insurability and rate class. An experienced Long-Term Care Insurance specialist will understand these underwriting rules when helping you select the best company and policy options.

Be sure to seek the assistance of a qualified Long-Term Care Specialist to compare each policy's features, benefits, and costs. You can find a trusted and qualified specialist representing the major insurance companies offering these products - Work With a Specialist.

Since your health is a primary consideration in determining your eligibility for coverage, it is always best to start planning before retirement when health is usually better. An experienced Long-Term Care Insurance specialist will ask several questions about your health to provide accurate quotes and professional recommendations.

Please note: Since every company has different underwriting rules, you could be eligible for coverage with one company rather than another.

LTC Insurance is Custom Designed

If you have an active Genworth Long-Term Care Insurance policy, you should look at your schedule page to see the original benefits. LTC Insurance is custom designed, so one policy is not like another one. Plus, many riders were available, which could add inflation benefits, shared spousal benefits, and more.

If you are shopping for an LTC policy, remember that because Long-Term Care Insurance is custom designed, you can design the plan to fit your specific needs, concerns, and budget. A specialist will help you develop your plan to address your concerns. Generally, you can design a plan to meet some or all of these common goals:

  • Safeguard income and savings
  • Protect the lifestyle of your spouse/partner
  • Provide options for quality care
  • Reduce the stress and burdens otherwise placed on family members
  • Give your adult children time to be family
  • Provide a legacy for loved ones

State variations may apply. 

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  • Has substantial experience in Long-Term Care Insurance
  • Strong understanding of underwriting, policy design, and claims experience
  • Represents all or most of all the leading insurance companies

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Get Accurate Quotes

Work With A Trusted Specialist

  • Has substantial experience in Long-Term Care Insurance
  • Strong understanding of underwriting, policy design, and claims experience
  • Represents all or most of all the leading insurance companies
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