Genworth Long-Term Care Insurance Company Review

Research has recently indicated that at least 70 percent of those turning 65 this year can expect to use long-term care.

The average stay is about 2 ½ years or about 30 months. Genworth offers both long-term care insurance and group long-term care insurance. 

Table of Contents

GENWORTH INSURANCE COMPANY AT A GLANCE

Premiums written

$177 million

Financial Strength

C++ A.M. Best Rating

Year Founded

1871

Coverage Area

Nationwide

HQ Address

6620 W Broad St, Richmond, VA 23230

Phone Number

847-669-9680

Take the first step and get a free quote with Genworth today. 

Genworth Life Insurance Information 

When it comes to long-term care insurance, Genworth has more than 40 years of experience in this particular niche. The company has issued more than one million long-term care insurance policies – which can cover a policyholder for care that is received in a skilled nursing home facility, as well as an assisted care facility and at the policy holder’s home. More than 200,000 policyholders have already begun to receive their long-term care benefits, which in turn, has saved them thousands of dollars – or more – throughout the years.

Genworth Financial remains committed to its customers and policyholders. The company is also actively engaged in public policy advocacy on various issues that are important to its business, its customers, its employees, and its distributors. It also provides a wide range of tools and information that can help people with achieving financial security, as well as to better understand various financial trends.

Genworth is also committed to helping families to become more secure financially. One way it does so is through its commitment to the Genworth Foundation – which provides grants to global non-profits that are addressing various financial related issues.

Financial Strength

Genworth has received “B” ratings from major credit rating agencies.

Due to the company changes starting in 2016, Genworth has experienced losses and a significant cut in earnings. Since then, Genworth has partnered with China Oceanwide, who plans to acquire them. Since 2016, there have been 13 delays of acquisition due to state, national and international rules and regulations. 

Life Insurance Products 

Genworth offers both long-term care insurance and group long-term care insurance.

Long-Term Care Insurance 

According to Genworth, “long term care insurance is coverage that you purchase in the event that you are one of the overwhelming majority of people who will need some form of long term care as they age. If you are unable to perform simple everyday tasks by yourself, like going to the bathroom, getting dressed, feeding yourself, or getting from place to place, you will need long term care services or support.”

The cost of care depends on where you live, how much care you need. To get an estimate calculated on your needs and location, contact Genworth today. 

Group Long-Term Care Insurance 

Genworth also offers Group Long-Term Care Insurance. If you already get your other benefits from work, it may make sense to look into group long-term care insurance options offered by your employer. 

Genworth offers voluntary programs to employers with 500 or more employees. Employer-paid programs are available for groups with 150 or more employees.

If you are an employer or broker who works with employers and would like to learn more about Genworth group long term care insurance, please contact Genworth for more information. 

How Does Genworth Compare? 

How does Genworth compare to other popular insurance companies? Check out this table where we compare Genworth, GoldenCare and LT Resouce Center. 

Company

Best For

A.M. Best Rating

Genworth

Claims Paid

C++

GoldenCare

Variety of Policies

A+

LT Resource Center

Network of Providers

N/A

History of Genworth

Genworth Financial is a large insurance and financial services entity that was initially established back in 1871.

The company was originally founded as The Life Insurance Company of Virginia, and more than 100 years after its origination, Life of Virginia was acquired by Combined Insurance – which just one year later became Aon plc.

Genworth does business in all 50 of the United States, and the company is headquartered in Richmond, Virginia. It also has offices in Raleigh, North Carolina, Lynchburg, Virginia, and Stamford, Connecticut.

Summary

If you are considering long-term care insurance for your parents, it may make sense to take a small premium payment now to save thousands in the future. 

Don’t let your finances be wrecked or rely on your family to pay for these bills in the future. Long-term care insurance will ensure you or your family don’t suffer financially because of your health care assistance needs.

About the Author

Jeff Rose, CFP®

Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur.

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