Genworth Life Insurance: Is It In Danger?

Genworth Financial, Inc. is a Fortune 500 company that provides financial solutions for long-term care. The company has been in business for over 145 years and offers a range of products and services, including life insurance and annuities. In recent years, there have been questions about the company's financial stability and its ability to pay out claims. This has led some customers to wonder if their policies are at risk.

Genworth's financial stability

Genworth Financial, Inc. is a Fortune 500 company that has been in operation for over 145 years. The company is focused on helping customers navigate caregiving options, protect and grow their retirement income, and prepare for the financial challenges that come with aging.

Genworth is regulated by State Departments of Insurance, which require the company to maintain certain levels of financial reserves to support its policies, certificates, and contracts. The company reviews and complies with these requirements annually.

In addition, Genworth has engaged Alliance-One Services, Inc., a wholly-owned subsidiary of DXC Technology, as its third-party administrator to provide administrative services for its life insurance policies and annuity contracts. This transition does not affect Genworth's ability to meet its financial obligations, as the company remains the provider of its life insurance and annuity products.

Genworth's long-standing presence in the industry, regulatory compliance, and strategic partnerships demonstrate its commitment to financial stability and its ability to meet its financial obligations to customers.

Customer service

Genworth offers customer service support through its secure customer website, MyGenworth, and its customer service representatives. The company's customer service team is available via phone, email, and mail.

Phone Support

Genworth's customer service phone line is 888 GENWORTH (888.436.9678). The line is open Monday to Thursday from 8:30 AM to 6 PM ET and on Friday from 9 AM to 6 PM ET.

Email Support

Genworth provides different email addresses for different types of insurance:

• Life Insurance: [email protected]
• Long Term Care Insurance: [email protected]
• Variable Annuity: [email protected]
• Fixed Annuity: [email protected]
• Immediate Annuity: [email protected]
• Variable Life: [email protected]

Mail Support

Genworth provides different mailing addresses for different types of insurance:

• Life Insurance: Genworth Life, P.O. Box 40016 Lynchburg, VA 24506
• Long Term Care Insurance: Long Term Care Department, P.O. Box 40005 Lynchburg, VA 24501
• Annuities: Fixed Annuity Customer Service, P.O. Box 10716 Lynchburg, VA 24506; Immediate Annuity Customer Service, P.O. Box 2000 Lynchburg, VA 24506; Variable Annuity Customer Service, P.O. Box 40012 Lynchburg, VA 24506

Online Support

Genworth's website provides a range of resources, including frequently asked questions, online forms, and instructions for filing claims. Customers can also register for an online account to access additional features, such as making payments, viewing payment history, and updating personal information.

Long-term care insurance

In recent years, however, Genworth has faced some challenges with its long-term care insurance business. In 2019, the company suspended active marketing of its long-term care coverage due to severe pricing assumption problems. This led to a class-action lawsuit, known as the Haney case, where policyholders contended that Genworth failed to inform them of substantial rate increases. As a result, Genworth offered customers the option to adjust their policies, with the potential for reduced benefits or significant premium increases.

To address these issues, Genworth created a new subsidiary, CareScout Insurance, which will offer more conservative pricing and coverage limits. The company expects to resume selling long-term care insurance in 25 to 35 states in 2025, pending necessary approvals. CareScout has already started building a long-term care provider network, focusing on home care providers, and offering discounts to reduce patients' long-term care costs.

Genworth's long-term care insurance business is committed to empowering families and improving the quality of life in its communities. The company's Coverage Needs Estimator is a personalized tool that helps customers estimate future care costs and plan accordingly. Genworth has also been surveying long-term care providers across the country since 2004 to help customers make informed decisions about their care options.

Social responsibility

Genworth's Social Responsibility is focused on "doing what's right" for their communities. The company is committed to helping families navigate the aging journey with confidence and enriching the quality of life in their communities. Genworth has been focused on helping its customers navigate caregiving options, protect and grow their retirement income, and prepare for the financial challenges that come with aging. They aim to be a trusted ally for everyone who needs care as they age and for those who love them.

Genworth's social responsibility efforts extend beyond just making a difference for families in need of care. They actively work to improve their local communities. The company champions civic engagement and community investment through their event sponsorship program. In 2021, Genworth employees donated over $1.1 million to non-profit organizations worldwide. Genworth also awarded grants and funding totaling over $1 million in the same year.

The company understands the challenges of aging and the issues that come with growing older, not just for the individual but for their families and communities. They believe that aging is something to be embraced and that by working together, we can face the challenges of an aging society. Genworth is committed to a work environment that fosters inclusion, community involvement, learning, and well-being. They value their employees and recognize that they are what make the company unique.

Genworth is also committed to reducing the environmental impacts of their business activities and implementing best practices to support environmental sustainability. The company has published a Corporate Sustainability Report and a Task Force on Climate-Related Financial Disclosures Report, demonstrating their dedication to transparency and ethical behavior. Genworth's Code of Ethics and Human Rights Policy further emphasize their commitment to acting with integrity in every decision and action.

Genworth's parent company

Genworth Financial, Inc. is a Fortune 500 company that provides life insurance, long-term care insurance, mortgage insurance, and annuities. The company was founded in 1871 as The Life Insurance Company of Virginia and has been through several name changes and acquisitions over the years. It was incorporated as Genworth Financial, Inc. in 2003 and became a public company in 2004. Genworth Financial is headquartered in Richmond, Virginia, and has many subsidiaries, including Enact Holdings, Inc., a leading U.S. mortgage insurance provider.

Genworth Financial has a long history in the insurance industry, dating back to its founding in 1871. The company has expanded and diversified its offerings over the years, including through acquisitions and the establishment of subsidiaries. It has a presence in various countries, including the United States, Canada, the United Kingdom, India, and Australia.

As of 2023, Genworth Financial has faced some challenges, including a data breach affecting 2.5-2.7 million customers and a terminated acquisition by China Oceanwide Holdings Group due to the latter's inability to close the deal. Despite these setbacks, Genworth Financial remains a significant player in the insurance industry, with a focus on empowering families to navigate the aging journey and providing financial solutions for long-term care.

Genworth Financial has a comprehensive list of subsidiaries, which it owns directly or indirectly. These subsidiaries operate in various sectors, including insurance, financial services, and investment management. The subsidiaries include Genworth Life Insurance Company, Genworth Mortgage Insurance Corporation, Genworth Financial Investment Services, and many others.

Frequently asked questions