Genworth Financial Insurance Company at a Glance
- Founded in 1871
- Offers personal insurance coverage
- Rated "C++" (marginal) by AM Best
- Rated "A+" (excellent) by the Better Business Bureau (BBB)
Genworth Financial Pros: Long-standing carrier with a century and half's worth of experience in the insurance industry. Offers long-term care insurance and life insurance. High rating through the BBB.
Genworth Financial Cons: Low rating through AM Best. Lots of negative customer feedback. Information about discounts not readily available. Highly limited insurance catalogue.
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What Type of Insurance Does Genworth Financial Offer?
Genworth Financial is a specialized insurance company who focuses their efforts on just a couple forms of coverage, including:
- Long-term care insurance
- Mortgage insurance
Your independent insurance agent can help you find more information about the coverage offered by Genworth Financial, and help you decide if this insurance company is right for you.
What to Know About Genworth Financial
Genworth Financial insurance company was founded in 1871, giving the carrier a century and a half's worth of experience in the industry. The insurance company focuses its efforts on providing long-term care coverage and mortgage insurance. The carrier is headquartered in Richmond, VA.
Genworth Financial's LinkedIn profile states that the carrier has between 5,000-10,000 employees overall, though just under 5,000 of them have accounts on their social media network. The insurance company offers its products to customers through independent distributors, sales specialists, advisors, and financial intermediaries.
The insurance company currently has a rating of "C++," or "marginal," by AM Best. Reviews from AM Best indicate an insurance company’s financial strength and creditworthiness and are based on comprehensive evaluations of the company’s operating performance, business profile, and annual report. Without a higher rating of "A" or B" from AM Best, customers cannot be as readily assured of the insurance company's financial strength and stability over time.
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What Discounts Does Genworth Financial Offer?
Genworth Financial does not make information about their insurance discounts readily available. However, an independent insurance agent can help find any discounts you may qualify for on coverage through the insurance company.
Genworth Financial Customer Service
Here's a snapshot of Genworth Financial's customer service options and availability.
- Online bill pay
- Contact form available on website
- Email contact option
- Phone contact option
|Monday-Thursday||8:30 am - 6 pm|
|Friday||9 am - 6 pm|
To ensure a great customer service experience, work together with an independent insurance agent. Independent insurance agents can help handle claims and other matters for you, so you can relax and enjoy your coverage.
Genworth Financial FAQ
What is Genworth Financial's average claim response timeframe?
Genworth Financial does not provide a specific claims response timeframe promise, but does state that benefit payments are usually completed within 15 business days.
What is Genworth Financial's customer service availability?
Genworth Financial provides generous customer service hours via phone during the week, as well as online contact options. The carrier also has a social media presence on LinkedIn and Facebook, making them more accessible to customers.
What is Genworth Financial's claims process?
The insurance company's official website lists their claims process as follows:
With a reimbursement policy or certificate, benefit payments are reviewed based on the billing invoices submitted for covered Long Term Care expenses according to a Plan of Care, and then reimbursed up to the policy or certificate’s coverage limits.
With an indemnity policy, benefit payments are paid in an amount equal to the applicable benefit upon confirmation that you received covered care and services.
Please note: If you purchased a Home and Community Care Rider with your Indemnity policy, benefit payments subject to that Rider are reviewed based on the reimbursement payment process.
For reimbursement policies, benefit payments are typically made within 15 business days of receipt of in good order bills. Payments are made directly to you or a Provider designated by an acceptable Assignment of Benefits.
For indemnity policies, benefits payments are made within the first 10 business days of the month, after all required verification forms have been received. Payments are made directly to you or a Provider designated by an acceptable Assignment of Benefits.
Before Genworth will reimburse the covered expenses under your claim, it must be verified that your claim meets all the benefit eligibility and long term care provider requirements set forth in the policy, and satisfies any applicable Elimination Period.
Does Genworth Financial's website create a user-friendly experience for customers?
Genworth Financial's official website is well done and easy to navigate. The carrier also has a social media presence, overall providing a fairly user-friendly experience for customers.
Does Genworth Financial have good mortgage insurance?
Genworth Financial's mortgage insurance has the following perks:
- Low down payment
- Low monthly premiums
- MI cancellation on appraised value
- Easy to qualify, accepts credit scores of down to 620
- Homeowners Assistance Program
- Homebuyer Privileges
An independent insurance agent can help you find out more about Genworth Financial's mortgage insurance, and if it's the right coverage for you.
Is Genworth Financial a good insurance company?
Genworth Financial's insurance catalogue is extremely limited, and the carrier is only rated "C++" by AM Best. Customer feedback is also largely mixed. It's tough to say for certain if Genworth Financial can be considered a good insurance company.
Genworth Financial Customer Reviews
|I do my 94 year old grandmother's claims for her care. They never want to pay out what they are supposed to then they pay 1/4 of what is owed and say it’s how it was submitted. They are a terrible company to work with. When my grandfather passed away he only used a fraction of his insurance money and instead of putting it to my grandmother's account they put it in a pot of people that were going to run out of coverage. I will not buy from this company at all.|
|This company delayed one of its early payments to me when it mistakenly sent another payment to an agency I had not used in over a year. Subsequently it has taken an excessive amount of time to honor payments for claims I have submitted. Currently I have in excess of $20,000 in unpaid claims. In addition the company continues to call asking me for a document that I have provided twice and its representatives have told me the company has in its possession.|
|I had a shoulder replacement. I had about one month of home care. Even before I submitted my bill, the company called me and ask for my invoice. I submitted it, and within a few weeks got reimbursed. So far, I am 100% pleased.|
|Customer service is one of the best out there. They will help you with any problem that you have. If you have any kind of concern then they will make sure all your questions are answered. The policy options are one of the best out there. They offer a wide range of policies that you can choose from. They are a great company that really care about their customers. My long-term care insurance is great. They will ensure that I am taken care of if anything happens to me. I didn't want to be a burden on my family so having this coverage helps out a lot. The value is great with this company. For a low monthly fee I get the great coverage that I need and it's very affordable.|
|My wife and I have had Genworth LTC insurance since 2001. We have just been informed of a 25% increase in premium, the third increase in the past four years -- a total of 52%. I am in my 80's, my wife in her 70's and we are in fixed income. We will have to cut costs of food or medicine or otherwise lower our standard of living. We can't afford to drop it because in the next few years, we may really need it. Genworth offers a solution to reduce our coverage while maintaining the current price. We can't afford that either as when we bought, we purchased the maximum amount that would fit our budget. What are we to do?|
TrustedChoice.com's Final Review
We award Genworth Financial a final rating of 2.5 out of 5 stars. The carrier has been in the insurance industry for 150 years now, which is both noteworthy and impressive. However, Genworth Financial only has a rating of "C++" through AM Best, which is quite poor, especially when compared to many other insurance companies.
Genworth Financial's insurance catalogue is also extremely limited and the carrier does not make details about their discounts available. Customer feedback is overwhelmingly mixed, but there are many negative reports about both coverage and customer service experiences. Unfortunately, we're forced to recommend working together with your independent insurance agent to survey your other options, and skip looking into Genworth Financial to be your next trusted carrier.
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