Genworth Life Insurance: What You Need To Know

Genworth Financial, headquartered in Richmond, Virginia, provides a range of insurance products, including life insurance, long-term care insurance, and mortgage insurance. The company was founded in 1871 as The Life Insurance Company of Virginia and has since expanded its offerings to include various insurance and financial products. While Genworth has a long history in the life insurance business, there have been some recent developments that indicate a shift in their offerings. As of 2016, the company has suspended new sales of life insurance and annuity products, instead focusing on long-term care insurance and related services. This shift in focus raises questions about the future of life insurance offerings from Genworth and the impact on their customers.

Genworth's history and current status

Genworth Financial, headquartered in Richmond, Virginia, provides life insurance, long-term care insurance, mortgage insurance, and annuities. The company was founded as The Life Insurance Company of Virginia in 1871 in Petersburg, Virginia. Within a decade, the company expanded beyond the south and moved its headquarters to Richmond.

Beginning with its first annuities business in 1928, the company grew to offer products for mortgage insurance, lifestyle protection, and long-term care insurance. Over the years, the company has undergone several acquisitions and sales, with GE Capital acquiring the company in 1996. In 2003, the company was incorporated as Genworth Financial, Inc., and became a public company in 2004.

In 2006, GE sold its remaining stake in the company, and Genworth continued to expand its business through various acquisitions and investments. In 2016, the company suspended sales of annuities and life insurance, putting the existing books of business into runoff. That same year, they sold their term life insurance platform to Pacific Life.

In October 2016, China Oceanwide Holdings Group agreed to buy the company for $2.7 billion. However, in April 2021, Genworth terminated the acquisition due to China Oceanwide's inability to close the deal. Since then, Genworth has continued to operate as an independent company, facing challenges such as the loss of a contract with National Australia Bank in 2020 and a data breach in 2023.

Genworth's life insurance products

Genworth Financial, headquartered in Richmond, Virginia, offers a range of insurance products, including life insurance, long-term care insurance, mortgage insurance, and annuities.

Life Insurance

Genworth Financial provides life insurance products to its customers, although new sales have been suspended since 2016.

Long-Term Care Insurance

The company's long-term care insurance business offers individual and group long-term care insurance policies. Group policies are designed for employers who want to provide benefits to their employees. In addition, Genworth Life Insurance Company long-term care insurance customers have access to the CareScout Care Advocate Team, which includes nurses and social workers who provide personalized education materials and help find care providers to meet customers' care goals.

Mortgage Insurance

Genworth also offers mortgage insurance products, which protect lenders against losses resulting from defaults on mortgage loans.

Annuities

Prior to 2016, Genworth offered a broad selection of annuity products, including traditional fixed annuities and fixed indexed annuities. However, new sales of annuities have been suspended since 2016.

Genworth's long-term care insurance

Genworth Financial, headquartered in Richmond, Virginia, provides long-term care insurance, among other services. The company was founded as The Life Insurance Company of Virginia in 1871 and expanded beyond the south to Richmond within a decade.

Long-term care insurance is meant to help cover the cost of long-term care services for people who can no longer perform daily activities on their own. This includes assistance with eating, bathing, dressing, transferring, and using the bathroom. It is designed to help individuals maintain their lifestyle as they age.

Genworth has been surveying long-term care providers across the country since 2004 to help customers plan for the future. The company's Coverage Needs Estimator is a personalized tool that allows users to estimate future care costs and align them with their potential long-term care needs.

In 2023, Genworth faced a lawsuit regarding its long-term care insurance policies. The company offered customers the option to stop paying premiums in exchange for reduced benefits or continue paying with the risk of significant premium increases. While Genworth admitted no wrongdoing, it agreed to allow customers to adjust their policies under multiple special options.

Genworth's financial status

Genworth Financial, Inc., headquartered in Richmond, Virginia, is a financial services company that provides insurance, wealth management, investment, and financial solutions. The company was founded in 1871 as The Life Insurance Company of Virginia and has since expanded its offerings to include mortgage insurance, lifestyle protection, and long-term care insurance.

Genworth operates through several segments: U.S. Mortgage Insurance, Canada Mortgage Insurance, Australia Mortgage Insurance, U.S. Life Insurance, and Runoff. The U.S. Mortgage Insurance segment offers insurance for prime-based, individually underwritten residential mortgage loans. The Canada and Australia Mortgage Insurance segments provide flow mortgage insurance and bulk mortgage insurance to aid in the sale of mortgages and capital and risk management for lenders. The U.S. Life Insurance segment includes long-term care insurance, traditional life insurance, and fixed annuity products. The Runoff segment includes non-strategic products that are no longer actively sold but still service existing customers, such as variable annuities, variable life insurance, and accident and health insurance products.

In terms of financial performance, Genworth has had a mixed history. The company became public in May 2004 and has since undergone several acquisitions, mergers, and sales of various business units. In 2016, Genworth suspended the sale of annuities and life insurance and put the existing books of business into runoff. There have also been several shareholder and policyholder lawsuits against the company, including a $25 million settlement in 2022 related to excessive and unlawful premium increases. In its latest quarterly report (Q2 2024), Genworth reported net income of $76 million and adjusted operating income of $125 million. The company's U.S. life insurance companies' RBC (Risk-Based Capital) ratio was reported at 319%, driven by strong statutory income. As of June 30, 2024, Genworth holding company cash and liquid assets were $281 million.

Genworth's customer services

Genworth Financial, headquartered in Richmond, Virginia, provides life insurance, long-term care insurance, mortgage insurance, and annuities. The company was founded in 1871 as The Life Insurance Company of Virginia in Petersburg, Virginia, and expanded beyond the south, moving its headquarters to Richmond.

In 2016, Genworth suspended sales of annuities and life insurance, putting the existing books of business into runoff. Prior to this, the company offered a broad selection of life insurance and annuity products. Genworth's long-term care insurance business provides individual long-term care insurance, group long-term care insurance for employers, and caregiver support services.

Genworth's customer service offerings include the CareScout Quality Network, which consists of home care providers offering professional support services that enable older adults to live safely in their homes. Genworth Life Insurance Company long-term care insurance customers have access to the CareScout Care Advocate Team, which includes nurses and social workers who provide personalized education materials and resources, as well as help in finding care providers.

Additionally, Genworth's website offers a range of tools and resources for customers, such as the ability to check claim status, track claim and payment status, sign up for notifications, go paperless, and assign a delegate for their policy. The Coverage Needs Estimator is another useful tool that helps customers estimate future care costs and align them with their long-term care needs. Genworth also provides a network of high-quality home care agencies, known as the CareScout Quality Network, which offers special pricing to Genworth Life Insurance Company long-term care policyholders.

Frequently asked questions