Genworth Financial Long Term Care Insurance
Genworth Financial started off in 1871 as The Life Insurance Company of Virginia, and it continues to help people with retirement, care, and more to this day. More than 40 years ago, Genworth was one of the pioneers of the long-term care insurance industry. Today, they remain one of the leading LTC insurance providers in the United States, serving more than 1.3 million customers. They pay out more than $6 million in claims each day, and have paid a total of more than $14 billion since 1974.
Long-Term Care Insurance Policies
Genworth offers individual and group long-term care insurance policies. Genworth’s policies cover a wide variety of care settings and services, including in-home care, assisted living facilities, and nursing homes. Notable features available on their policies include inflation protection, shared care, spousal survivorship, nonforfeiture, alternate care, waiver of premium, and home modifications. They also offer some nice discounts. Paying your premiums with Genworth is easy, as most of their insurance policies now come with the option of paying online. Free consultations are available for those who are interested. It should be noted that they have recently made significant increases in their long-term care insurance rates.
Reputation and Financial Strength
Genworth’s rankings and reputation, while fair, are not as good as some of the other insurance companies discussed on this website. A.M. Best gave them a B (fair), Standard & Poor’s a BB- (marginal), Fitch a B+ (weak), and Moody’s Investors Service a Ba2 (questionable). These ratings are important because a company’s financial strength helps to determine its ability to pay out claims in the future. Some Genworth customers have reported that the company has tried to drag things out and delay payment by claiming that further paperwork is needed even after all of the requisite forms have been submitted, or by saying that the paperwork was not received. The price increase noted above has also been a source of concern and complaints.
Be sure to take a look at our other articles to learn more about insurance companies offering long-term care policies. Remember – every policy and every company is different, and it pays to do your research and shop around.
More Useful Links:
MassMutual Long Term Care Insurance
Help protect your savings from the costs of
care NOT COVERED
by traditional insurances or Government programs, like Medicare.
It helps you choose where you receive care and avoid the nursing
- 40% receiving long-term care are working-age adults, ages of
- About 70% over age 65 will need long-term care services in their
lifetime. By 2020, this number is expected to exceed 12 million.*
Financially strong A.M Best rated insurers with low complaint ratios
related to claims will send you quotes directly and promptly. You
may also have access to instant rate quotes, and side by side plan
comparisons. The service is free, and comes with no obligation.
Your privacy is our highest priority.
Sample Long-Term Care Insurance Savings
Up to 30% Spousal/Partner Discount
Up to 15% Preferred Health Discount
Up to 5% Small Business Discount
* Discounts are not cumulative and vary by state.