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Genworth Long Term Care Insurance Review


ConsumersAdvocate.org Rating: 4.3 / 5 (Excellent)
46 Customer Comments & Reviews - see all comments
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Headquartered in Richmond, Virginia, Genworth Financial is an insurance and mortgage solutions company offering life and long-term care insurance products, as well as mortgage insurance and annuities, throughout the United States and abroad. The company has been in business since 1945.
 
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How is Genworth rated?

Breakdown

5.0/5
Benefit Limits
4.5/5
Policies & Coverage
4.5/5
Customer Service

Overall Rating: 4.3 / 5 (Excellent)

As one of the largest providers of long-term care insurance in the nation, Genworth offers a broad range of comprehensive coverages featuring customizable benefits, several care options, and a good selection of plan riders. Some of the best aspects of their Privileged Choice plans is that they include an excellent host of discounts and savings opportunities for couples and that their qualification requirements are much more inclusive than similar options, allowing those with pre-existing conditions and mental or nervous disorders like depression to receive the level of care they require. Anyone looking to be ensured by a company that truly takes into account the needs of their policyholders and continues to deliver a solid long-term care insurance product despite personal losses may want to consider what Genworth has to offer.

Policies & Coverage

Policies & Coverage - 4.5 / 5

Genworth understands that many who receive long-term care prefer to receive those services within the comfort of their homes. With that in mind, the company has designed benefits that provide home and community care coverage which includes skilled services, home health aides and personal care attendants, homemaker services, chore services, hospice care, and adult daycare. They also extend additional options such as caregiver training, as well as equipment and home modification, so friends and neighbors can provide some of the policyholder's care without having to depend on a home or care agency. To top it all, Genworth includes optional privileged care coordination to help their clients asses their needs and offers a host of discounts for couples and individuals who are in good health at the time of their application.
Policy Types
Individual / Standard
State Partnership
Group
Tax Qualified
Types of Covered Care
In-Home Care
Assisted Living / Adult Day Care
Nursing Home
Hospice Care
Medical Help Systems
Facility Coverage
Any Facility
Available Policy Riders
Inflation Protection
Shared Care
Waiver of Premium
Alternate Care
Spouse Survivorship
Home Modification
Nonforfeiture
Available Discounts
Partner / Household
Preferred Health

Inflation Protection

*Compound Increases Option: The monthly maximum and personal benefit account increase each year by 5% of the previous year’s amounts and, unlike other policies, they are not reduced by claims paid. *Equal Increases Option: The monthly maximum and personal benefit account increase each year by 5% of the original year’s amounts. The amounts of the increases will not be reduced by claims paid. The policy terminates once the personal benefit account is reduced to zero.

Claims & Benefits

Benefit Limits - 5 / 5

Genworth's plans feature such benefits as alternate care, respite care, waiver of premium, international coverage, premium stability, guaranteed renewability, protection against policy lapse, late payment protection, and a survivorship option. Benefits through the company are paid on a monthly basis and customers can choose from $1,500 to $12,000, in increments of $100. Their plans also offer optional perks like inflation protection, a compound increase or equal increase option, restoration of benefits, a nonforfeiture benefit, and an enhanced survivorship benefit. For those wanting to try their long-term care plan without having to commit to it, Genworth also offers a 30-day free look that allows customers to cancel their policy within 1 month if they are not completely satisfied.
Maximum Daily Benefit Limit
$0 per day
Unlimited Lifetime Benefit Period?
No
Elimination Period
30, 90 or 180
Eligibility Requirements
Activities of Daily Living Limitations
Alzheimer's or Cognitive Impairment

Financial Strength & Ratings

Financial Strength - 3 / 5

Genworth has received average ratings from all major U.S. credit rating agencies including A.M. Best, with which they hold a financial strength rating of C++. These ratings indicate the company has a fair ability to meet its policy obligations, yet that ability will have to be reassessed in light of recent events. Genworth has had losses in recent years due to an unexpectedly high number of long-term care insurance claims which, coupled with low interest rates, have cut their earnings significantly. The company has since entered into an agreement under which China Oceanwide, a privately-owned Chinese investment company, has agreed to acquire them.
Underwriter
Genworth Financial, Inc.
Moody's Financial Rating
B2
AM Best Financial Rating
C++
Standard & Poor's Financial Rating
B
*The above information reflects the financial strength of the underwriter of the Genworth long term care insurance policies: Genworth Financial, Inc..

Genworth Reputation

Customer Service - 4.5 / 5

Genworth has a B rating with the Better Business Bureau but hasn't received many customer reviews on the organization's website. There are few other reliable, impartial sources from which we may ascertain the company's reputability, yet one point in their favor is that despite financial setbacks and a recent acquisition agreement Genworth remains committed to fulfilling its obligations to its shareholders.
BBB Rating
B
Date Collected
2020-05-01

Contact & Additional Information

Company Type
Underwriter
Year Founded
1945
Homepage URL
https://www.genworth.com
Company Phone
(888) 436-9678
Headquarters Address
6620 West Broad St., Richmond, VA, 23230

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46 Customer Comments & Reviews

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robert g
7/19/2019
I had a shoulder replacement. Even before I submitted my bill, the company called me to ask for it. I got payment with a week or two. Very happy with the claims process.

K
Kathy
6/15/2019
Genworth was always prompt and took care of handling of such benefits without any concerns or problems (not one). The policy paid out maximum coverage. I have nothing to say but good things about this company and supporting the care my aunt needed during the policy terms. I am aware we could have had even more benefits from this policy but that limitation was brought on ourselves for not being more aware of the coverages provided. The wavier of premiums.....and inflation endorsement.....great aspects of Policy!

J
Jeff
6/5/2019
My 88 year old mother had her monthly rate go up from $192 to $375. This after paying in for 20 years. When you might need it they jack it up to the point you can’t afford it.

S
Steve
5/24/2019
Unlike many of the comments below, I have nothing but respect and admiration for the way Genworth quickly responded to my wife's claim and paid over $250,000 in caregiver fees and other benefits over a roughly two-yr period until her death last March. There were occasional blips and shortfalls, but, overall, the Company met its contractual obligations fully and fairly. They also helped us during a particularly difficult period when the claim was in some jeopardy.

j N
5/22/2019
bought whole life in 95 with a disability policy and have been on disability since 97,,,,,received a $1700 bill this month saying I needed to pay to catch the policy up due to cash loan value was all use up....to top it off my new monthly would more than double and each year after there would be yearly increases. My old agent talked to them and they said it was due to interest drops from 9/11 but what I read on line it is due to poor investments and corporate greed......if looking for insurance go somewhere else!!

R
Rob R
4/29/2019
Spoke with monique, Awful AWFUL customer service, would not put a supervisor on the call after i requested to speak with them. AWFUL

A
Anne
1/10/2019
My husband and I have had LTC through Genworth for over 20 years. I am considering stopping it. The premiums are getting too high and I think you have to be completely debilitated to get any monetary help. I am 82 and my husband is 80 . My husband is in the first stages of dementia but still functions and I have multiple medical problems. We are taking care of each other but hire people to mow our lawn and clean our cellar. My children shovel our snow. The policy states that they will pay for these jobs but I think I order for them to pay, you have to be completely non functioning. There is no mention of assisted living or other facility help. I believe we have wasted our money. The... Read More

W
Walter L
11/20/2018
Purchased a Genworth policy at age 55 about 21 years ago. Policy is comprehensive and initially was a geat value for money . However Genworth has done a poor job at getting investment returns in the stock market so is losing money as claims are much higher than expected. In 2016 a smaller LTC company named Penn Treaty with just 4% market share had the same problem and went out of business leaving like $450 millions in funds to cover $4.5 billion in expected future claims. As a result it seems that state insurance regulators have unofficially declared Genworth as TOO BIG TO FAIL and have been granting large premium increases average 58% on existing policies because Genworth... Read More

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John H
10/30/2018
63.6 percent increase in LTC premiums over 12 years. As I reach retirement age the premium is becoming unaffordable. Seems like a creative marketing strategy. I hope all actuaries involved with premium setting at the time I bought the policy have been fired. They clearly do not meet the standard of a competent actuary.

dawngargan
10/10/2018
The customer service dept. is AWFUL. Lisa Johnson a so called lead claims rep. is RUDE and UNPROFESSIONAL. They dont return calls and you have to call them multiple times. This is not acceptable for the amount that we pay. DONT DO IT !!!! YOU WILL BE SORRY !!!

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