Genworth Long Term Care Insurance Review
9 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 currently enjoys an excellent reputation and hols an A+ rating with the Better Business Bureau.
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9 Customer Comments & Reviews
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DO NOT DEAL WITH THIS COMPANY!!!! It is nothing but a SCAM. MY aunt is 88 years old and is in an assisted living facility because she can no longer care for herself. She paid into this company 30 years and they refuse to pay for her care. She has to have help dressing, getting in and out of bed, walking, etc... It is appalling that these people are allowed to steal from trusting consumers in this manner. We are having to use some of her hard earned money to secure a lawyer to fight them for the money they SHOULD be paying.
I have had a long term plan policy in place for 9 years. I thought I purchased a product with a fixed premium. On my 70 th Birthday, I received a premium change notice increasing my annual premium from $3,500 to $5,300. I feel misled and defraud by this action as I approach a time where I my need benefit that I thought I had purchased. James M Illinois
I continue to hold my LTC insurance coverage with Genworth, although I am not at all certain this is worthwhile. I am seeking the services of a lawyer specialist in evaluating what my policy will actually deliver once the insurance contract wording is translated into true cost benefits and limitations. it is especially troublesome, that the ultimate control of releasing funds in subject to their in-house decision group, who seem able to constrict payouts on an arbitrary basis if you are reading all the problems with their policy holder claims. As a result I would not recommend this insurance as truly mind easing and complete.
My husband and I purchased out GE LTC policy 12 yrs ago. We have not used the insurance. Premium increased 43% this year. After reading the difficulty in drawing monetary support; makes me wonder if I've thrown money down a drain. One never knows how good their insurance is until it is used. Fortunately, we have not used it, therefore, do not know how good it is.
We took this LTC insurance 17 years ago and have paid the annual premiums including increasing premium costs. Now we are trying to use this insurance and trying to complete the 100 days necessary to activate payments. This is for home health care, my husband has Alzheimer's Disease and home care will go on as long as possible. I have found Genworth extremely difficult to work with. I cannot get a straight answer to any question...if I ask same question of 3 phone responders I get 3 different answers. Yesterday, claim rep had me in tears. My husband is 85 and I am 79 this has been a nightmare. I think perhaps my husband may pass away, possibly me too, before we are able to have a... Read More
I do not recommend Genworth Long Term Care Insurance. I feel they took advantage of me. I purchased the insurance 9 years ago and faithfully paid the premiums over these years. I was recently notified that my premium increased over 50 percent with expectations for continued increases in the future. They could give no estimate of future premium costs or how soon they would hike the prices. Hearing that they are in financial difficulties it is worrisome to know about the solvency of the company in the future. I have decided to cancel my policy and will take the loss of my 9 year investments.
Do not buy long term health care from this company. They raised my premium 50 percent in one year after I was sold the policy from Edward Jones with the guarantee my premium would never be raised. They are also in financial difficulty selling part of their assets to a company from China.
It is been taken over by "China Oceanwide" and the premiums were increased by 30% in Late 2016.
They increased our policy without warning by 50% starting in December of 2016 after 7 years of participation. I would not recommend them. You must get the maximum annual increase in writing which obviously we did not do and they took advantage of it.