Genworth Long Term Care Insurance
Genworth long term care Insurance offers both robust benefits and flexible design options. However, the company has gone through significant changes in recent years and may not be the best company to purchase from.
Below we review Genworth’s long term care insurance offer to help you make an informed decision.
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Genworth Long Term Care Insurance Overview
- Largest provider of LTC Insurance in the U.S.
- 145-year-old company
- AM Best Rating A+
- Standard & Poor’s Rating BBB+
- Moody’s A3
- Many positive reviews from current policyholders.
- Robust policy options that allow you to customize your elimination periods & your payout options.
- Favors healthy individuals
- Competitive rates for married couples and people below 65.
- Limited options for comprehensive retirement solution.
- Individuals with pre-existing medical conditions will have difficulty getting approved.
Genworth Long Term Care Insurance Quotes
Genworth Financial Strength & Stability
As shown above, Genworth holds respectable ratings across the board; however, they certainly are not top tier. Genworth’s financial ratings are Ok, not great. Many other insurance providers hold high ratings by both rating institutions and current policyholders.
Genworth Financial is a changing company
It’s worth noting that the Genworth Financial Insurance company has gone through significant changes in recent years. Genworth had a coveted partnership with Costco a decade ago, then in 2013, Costco discontinued their affiliation and rebranded with New York Life the following year.
Long Term Care Insurance Is All That They Do
The company also recently discontinued it’s senior life insurance and annuity sales, allowing runoff of their current book of business. Genworth has narrowed it’s focused solely on long term care insurance.
Genworth Is Not Favorable For Individuals In Poor Health
As with most forms of insurance, there is medical underwriting to qualify for long term care insurance. While some carriers are favorable towards individuals with pre-existing conditions, Genworth is not. Those suffering from poor health will likely be declined coverage.
Genworth Long Term Care Insurance Is No Longer Available Through Independent Agents or Agencies
In 2019, Genworth Financial discontinued offering its products through independent brokers and agencies. As a result, the only way to purchases Genworth long term care insurance is through their internal telesales group.
Why this is a bad thing
Independent agencies don’t work for the insurance companies; they work for YOU—they look out for the customers’ best interest. Independent agents help you shop and compare the best offers available so you can find your best policy and price.
Genworth has discontinued working with independent agencies, and this is a bad thing for consumers. Now, if you’d like to explore Genworth’s products, you’ll have to deal with a sales agent who gets paid to sell only Genworth policies regardless if they are the right fit for your situation or not.
We Suggest Looking Elsewhere
Genworth Financial is the largest long term care insurance provider in the U.S. and has a rich history of serving the long term care market. However, the recent changes to the company have not been good for consumers.
Other insurance providers offer multiple products, as well as alternatives to long term care insurance. Genworth does not.
The company is not too friendly to individuals with pre-existing medical conditions. And their rates are not the best either. In our opinion, consumers will find better products, more options, and lower rates with other long term care insurance companies.
Finding Your Best Policy
As mentioned above, working with an independent agency is a benefit to the consumer. Those who work with independent agents will likely find a better policy and lower premium rates. And best of all, working with an independent agent is free.
If your searching for your best policy, you’re going to have to shop around. Our independent agents are here to help you do just that. We’ll help you shop and compare all the top insurance providers in one convenient location.
We’ve helped thousands of people find an affordable long term care insurance policy. And we’d love to help you too!
Our services are free. And there’s no obligation when speaking with an agent. Explore your options today with a personalized long term care illustration.
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