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

There are variations between the policy language and benefits between the many companies that offer Long-Term Care Insurance; however, the primary features and benefit choices are comparable from company to company. Premiums and underwriting criteria vary dramatically between insurance companies. 

When comparing long-term care insurance, you should recognize the differences between Genworth and other companies. 

Genworth is the grand-daddy of the Long-Term Care Insurance industry. Their roots date back to the early 1970s when the Firemen's Fund issued the 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 the Long-Term Care Insurance business of numerous other companies over the years. 

No company has 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 old "legacy" products were marketed and priced before rate stabilization rules that are now in place and the interest rate crash.

Genworth has two product offerings. They offer employer group plans for large employers. Genworth also offers individual plans. However, at the moment, they only offer their product to consumers who deal directly with the company. The company stopped allowing individual insurance agents and financial advisors to offer their products as the company attempted to be acquired by a Chinese firm.  

Pending Sale of Genworth Ended

Genworth Financial Inc. announced in April 2021 that it has officially ended efforts to be acquired by China Oceanwide Holdings Group Co. Ltd. The future of Genworth is undetermined; however, reserve funds and state guarantee associations still protect current policyholders. 

In November of 2021, it was reported that Genworth would introduce a new product sometime in 2022 that will be made available to the public through insurance agents and financial advisors. It is unknown at this time the features, benefits, and pricing of the new product.

Few have questioned the quality of Genworth products and its customer service, including what is regarded as the industry's best claims department. However, sales of their products are slow due to the collapse of the deal with China and poor financial ratings.   

Genworth Financial Ratings Dropped

AM Best has dropped its rating for Genworth to C++ - Marginal. The company has added money to its reserves to protect policyholders. Many Long-Term Care Insurance specialists are recommending a "wait and see" attitude to Genworth.

Genworth Features and Benefits

Genworth Financials' Privilege Choice Flex 3 has several features and benefits consumers and long-term care specialists alike look for in a long-term care insurance policy:

  • Partnership
  • 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 Option
  • Return of premium due to death before age 65
  • Multiple elimination periods from 30 days to 365 days

Genworth employer groups 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 does offer Partnership Long-Term Care Insurance policies. Partnership policies provide additional dollar-for-dollar asset protection. You can learn more about the federal/state partnership program by finding your state on the LTC Cost of Care Calculator.

Find State-Specific Information

You can learn more about the federal/state partnership program by going to the LTC NEWS Cost of Calculator. Each state has a state-specific page that includes the current and future cost of long-term care services, available tax incentives, information on care providers, and other important information -  Cost of Care Calculator - Choose Your State | LTC News.

Shopping for Long-Term Care Insurance?

When shopping for Long-Term Care Insurance coverage, keep in mind, numerous state and federal regulations impact Long-Term Care Insurance. Each state's department of insurance regulates products and premiums. Because of regulation, an insurance agent, agency, or financial advisor cannot give a consumer a special discount that is not available otherwise. 

Be sure to use all the tools and resources available on LTC NEWS to help you in your research - Resources for Long-Term Care Planning | LTC News.

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 its own underwriting rules which 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 the features, benefits, and costs of each policy. You can find a trusted and qualified specialist that represents the major insurance companies that offer these products - Work With a Specialist | LTC News.

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 you several questions about your health to provide you with accurate quotes and professional recommendations.

Please note: Since every company has different underwriting rules, you could be eligible for coverage with one company and not another.

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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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

LTC News Trusted & Verified

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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