If you are looking for Genworth life insurance reviews then you have come to the right place. Genworth Life is one of dozens of life insurance companies that TermLife2Go represents. In the following review we will cover the positives, negatives and alternatives to Genworth Life Insurance Company.
Feb 4, 2016: According to Bloomberg.com, Genworth Financial has stopped sales of traditional life insurance products so the company can focus on stabilizing the unit that provides long-term care coverage.
October 23, 2016 update: China Oceanwide Holdings Group Co. agreed to buy Genworth Financial Inc. for $2.7 billion in cash, pledging to help the U.S. firm manage its debt and strengthen life insurance units after it was hurt by higher-than-expected losses tied to long-term care coverage. Source.
2017 Genworth Life Insurance Reviews
Genworth is one of our favorite companies and made our 2016 top ten best life insurance companies list for the niches the company fills.Unfortunately, the Company is not currently accepting new individual life business. We are currently in stand-by mode until more information is made available.
From the company’s website: Genworth Financial, Inc. is a Fortune 500® company with roots tracing back to 1871. We have more than $100 billion in assets and a presence in more than 25 countries.
For those seeking First Colony Life Insurance Company, the company merged with Genworth in 2007.
Review of Genworth Life Insurance Company
Genworth Life Insurance A.M. Best Company Rating
As you may have read in other Genworth Life Insurance Company reviews, as of January 28, 2016, the company is rated “A”, excellent, by A.M. Best Company, the premier rating agency for life insurance companies. This means that the company’s financial strength is excellent. There is no need to lose any sleep if Genworth Life is your life insurance company.
Favorable Underwriting for “large build” clients
Genworth Life Insurance has one of the most liberal underwriting build charts in the marketplace. Often a client will be outside of the build requirements with every other company and still meet the requirements with Genworth Life. For our bigger boned clients, Genworth Life gets the job done as one of the most affordable life insurance companies for clients with large builds.
For example, a 5’10” male or female up to 209 lbs can still qualify for a preferred plus rate class. And a male or female over 65 will have an even more liberal build chart to work with. With virtually every other carrier out there these same clients will qualify for a preferred rate class, at best. And the difference in premium between a preferred plus rate class and preferred can be as high as 15%. That means Genworth Life’s more liberal build chart can save clients thousands of dollars over the life of their policy.
More Genworth Life Insurance Niches
Genworth Life is among the industry leaders when it comes to the company’s liberal underwriting for sleep apnea patients. Add that with the above mentioned large build chart, and you have a company that is a excellent choice for sleep apnea life insurance.
Genworth Life Insurance applications are great for people who travel to foreign locals or are planning on traveling in the near future.
Genworth Life will consider a preferred best rate class for blood pressure readings of 140/85 under 61 or 150/90 for clients 61 and older as long as no history of treatment or medication.
Genworth Life Insurance Company’s Deep Product Line
Genworth Life Insurance Company has a product for everyone. The company offers term and whole life insurance, universal life insurance, annuities, and on and on.
Genworth Colony Term Life Insurance: Term life insurance lasts for a period of time (10, 15, 20, and 30 years). Consider term for the following: to protect the household’s primary bread winner, to secure SBA loans, or for divorce life insurance.
Genworth Life’s permanent life insurance portfolio includes whole life, Indexed Universal Life and Guaranteed Universal Life. Permanent life insurance is generally recommended for long term planning such as funding a buy sell agreement, estate planning, or key person business insurance.
Sample Genworth Life Insurance Quotes
Genworth is currently not offering individual life insurance plans. The Company has not announced when or if it will resume this line of business.
Where Genworth Life Insurance Comes Up Short
Genworth Life comes up short on providing a competitive no exam life insurance option. Often, choosing a no medical exam policy can be a great way to secure coverage and avoid the reality that your health is not as good as you suspected.
Exam versus No Exam: We will often recommend that our clients lock into no physical exam life insurance before applying for fully underwritten coverage. The thought process goes like this: if you have not had a medical check-up in the last few years, why take the risk? Instead, you can lock into a no exam policy today and secure protection. Once your policy is in force, you can then either get a physical or take a medical exam for life insurance. However, since you already locked into coverage you do not have to fret if something pops up on your exam. From there, you either keep the no exam policy or go with the new policy once you are approved.
Genworth Life is not the only fish in the sea
Whereas Genworth Life Insurance is great when it comes to the company’s build requirements, the company comes up short in other areas.
On the flip side of the company’s niche areas are the areas where Genworth Life does not shine. For example, if any parent has had a history of coronary artery disease or cancer before the age of 60 then Genworth will not consider the client for the top rate class.
And Genworth Life’s underwriting requirements are not as liberal as other carriers when it comes to certain medical conditions. If you are in the market for diabetic life insurance or if you have a poor driving record, you might be better served applying with a different life insurance company that caters to your specific health or lifestyle profile.
In fact, getting the cheapest life insurance out there comes down to this one main point: you need alternatives.
Alternatives to Genworth Life Insurance
Consumers seeking Genworth life insurance reviews typically are searching the internet to uncover all their choices. Since no one life insurance company is right for everyone, having alternatives is crucial. The key to finding the best life insurance policies available is to know where to look. That is where TermLife2Go comes in.
TermLife2go is an agency that works with dozens of top rated life insurance companies. Our #1 priority is to find you the best company at the best price…for you! We tailor a policy specifically to you because no two clients are alike. Let us leverage our expertise for you and see if we can’t save you thousands of dollars on life insurance.
For a free life insurance consultation and for free quotes from Genworth Life and dozens of other life insurance companies, please call us to see what we can do for you!
If you enjoyed our article, Genworth Life Insurance Reviews, and/or have additional questions, please leave a comment below.