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46 Customer 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.
- Nation’s leader in Long-Term Care insurance since 1976
- As an independent brokerage, they provide unbiased information based on your needs
- GoldenCare has access to the Top LTC companies & discounts available
- They also offer Hybrid Long-Term Care insurance, Short-Term Care & Home Health Care plans
Latest Genworth Reviews
We've been paying into Genworth LTC for about 8 years ($42,919.53 paid in). Thanks to a class action lawsuit we received notice that we have several options for reduced and/or paid up benefits. The accompanying letter warned of pending and planned rate increases in the NEAR and LONG term. After seeing a C++ rating (no, I don't think this is a stellar rating for an insurance company) and reading reviews posted here, I'm taking the $10k payaout and the $32,919.53 paid up benefit. Chalk it up to experience and not going tothrow good money after bad. I'll self insure.
You better go back and do your research. Worst company for long term care. Go read the complaints on Consumer affairs. I mean up to date 2023. Their rates are skyrocketing and they are hard to deal with and honor their plans. Customer service is at an all time low.
I had to give 1 star to be able to post this review, but I really give Genworth a NEGATIVE 5 star rating!!
All of the people who have reviewed Genworth Long Term Care Insurance, have given real stories to go with their REAL low ratings. This is a terrible company, and I’m nearly in tears reading all of these other reviews of customers suffering through this in the same way that we are. Let’s figure out a way to link up and file a class action lawsuit against Genworth. We deserve our reimbursement $, considering the hundreds of thousands $ that we have paid into this fraudulent company. There is a special place in Hell reserved for crooks like these!
Two months ago Genworth stopped sending reimbursement for the caregivers my husband has had for several years. Same agency, same paperwork - nothing changed except that the reimbursements stopped coming in. Now that my checking account has been depleted and I'm withdrawing money from investments to pay the caregivers, I'm calling Genworth daily. Each phone call is a lengthy process that ends with: "The invoices are under review." Like many other policy holders, I'm now terrified that Genworth is about to go belly-up.
My parents have paid thousands of dollars to this company for 26 years. My dad died without ever using it. My mom is in her 90's and has Parkinsons Disease and living in a nursing home. It was terrible trying to get the first payment. Now the home has to send a new assessment each month to see if my mom will still need help. My mom can't walk. So, the new assessment was sent in 13 days ago and still no sign of payment.
Very disappointed in the claims department. Every time my daughter calls they says they cannot talk to her. She tells them to look on the first page of the contract and they will see there are 3 people on the poa. Very frustrated. It is terrible trying to get answers. When I first stared with Genworth over 20 years ago I did not see where we has to have a hundred days in hospital or rehab to get any money. I am waiting to see if they reviewed all of our documents. It takes forever. I would not recommended this company. It is better for one to save the money for future medical problems. Also I called to tell them my husband passed so i could stop sending money but I still want... Read More
There is no way any of these 5 star ratings are done by anyone who has made a claim with this company. This place is unbelievable, love you when you make payments but when you make claims the claws come out. Paid on this darn thing for 40 years. Dad passed without making a claim. Now our mother physically can not take care of herself. We made a claim. They had a nurse facetime us evaluate my mom, hummmmm you can't do that and have an efficient evaluation, they asked Dementia questions. Oh, and if we wanted an in person evaluation, we had to pay for it. My mom does not have Dementia, useless facetime meeting. Before this meeting I also sent in all the doctors information, office... Read More
My husband and I have had separate LTC policies for several years, and as would be expected there was a raise in premiums two years ago and another this year. Two years ago, when I called the Customer Service number to discuss possible changes to coverage, I was helped by a middle-aged woman who was knowledgeable, articulate, and helpful beyond belief. She sent me the revised coverage within a few days and we made the changes. THIS YEAR i have called three times, spoke with three different men with accents so strong I could barely understand them, one even have dogs barking in the background, and all were of very little help. The second one who was to send revised coverages so I could... Read More
I have had my Genworth LTC for 21 years. Items I have aren’t even offered any more (like no elimination period). I am glad I purchased it when I did. Premiums were $153.00 per month, Ha! I have seen many increases since that time, most have come within the last 10 years. I haven’t needed to use it yet. I don’t think they anticipated the demand being what it has been. People are living longer with diseases that years ago would have killed them. If what a previous poster wrote is true, that the company was sold to China, that is very concerning. What will that do for previous commitments? I really don’t have an honest rating, not having filed a claim.
I have serious concerns Genworth will be able to live up to their commitments. My wife and I have had a joint policy for nearly 12 years. During that time we have received substantial yearly premium increases. Our first annual premium in 2010 was approximately $5,252. Today I received my, just in time for Christmas notice, that in 2022 our premium was increasing yet again. The new premium will be approximately $13,402. The company’s financial strength rating is c++ (marginal). Now I read the company is being acquired by the Chinese. I am now wishing we had either invested the money we’ve poured into premiums and gone the self insurance route, or chosen a different provider. I expected... Read More
My husband and I have been each paying for a policy for many years. At first it was fairly reasonable, around $1500 for me and about $2300 for him each year. This year (2021) it’s $8400 for us both and next year over $12000. We have not used the policies yet, however, my husband has a progressive brain disease and we are moving to a place where there is help if he needs it. It scares me to death to think this company will now be Chinese owned. What’s the future hold for the many people who need help from GenWorth?
In October 2021, Genworth has submitted a request to the State of Maine to increase premiums by 141%! This is very concerning and will dramatically impact individual policy holders. The company needs to get their finances in order and not rely on their customers.
I started my policy in 2005. I remember being explicitly told that being insurance, rates were reviewed yearly and were susceptible to increases. At the time, they offered a 20 year payment plan that secured the same payment amount yearly as another option. I asked if I could pay in 10 and got it in writing. I only wish others had chosen this option. I have been unemployed twice long term and do not know how I would have made payments.
Just received a notice on 9/14/2021 that now my payments for my policy (which I have never changed in the 11 years that I have been been paying) will be increasing by 66% on my next bill!!! I have never submitted a claim and when I took the policy out, the company was considered one of the best in Wisconsin. There is no way I can afford the new rates and have no idea what the future holds for me! I am 75 and in good health, but who knows what the future holds!
I recently submitted a claim for my wife who is 80 years old and had fallen and broke her hip and wrist. We needed some help with domestic chores . Upon advisement from the sales person who sold me the policy the application was submitted. We have had this policy for over 20 years and have never submitted a claim. To my surprise we were denied. The claim was resubmitted with the additional information claims requested and still were not approved. After multiple calls and paperwork submissions we were denied a third time and each time there was a different requirement which I feel was excuses for not approving the claim . I also find that your company has been downgraded to a C+ and you... Read More
Genworth makes it nearly impossible to collect on the benefits you paid for. Claims are repeatedly denied outright or sent back saying more documentation is needed. If you investigate further you would see that most people are not satisfied with long term care insurance. Better to save via 401k or whole life insurance. Not sure how they got this high rating.
Right now I am not happy with Genworth. We seem to be getting the run around. My husband has Parkinsons and needs care .I have been paying out of pocket for this and have not received any reimbursement from theinsurance. We have paid for many years.Will rate them when I am sure of them either way.
Terry N.
KCMO
10/31/2019
Bought my LTC police in 2001 when Genworth was a GE company. 2013 saw a 44% increase in premiums, this year I'm offered a 55% increase and left subject to increases going forward of 140% in the next 5-7 years projected by Genworth or the option of a 52% increase with a decrease in coverage and premiums frozen for 8 years. Obviously I'm in deep and not wanting to lose what I have invested. Genworth CEO gets $9.5 million in compensation per year and the top 5 executives average $5 million so it's clear where the money is going. Looking for options now.
Despite what they tell you, make sure you have an attorney you trust review the policy during the initial cancelation period. Fifteen years and thousands of dollars, and at least three different sales reps, and now that insurance is needed, it's not what they promised. So, now do I keep paying just in case some day I need it and do qualify, or d I wright it off as a waste of money.
second rate increase since I took my policy out should of keep premiums in reserve to pay claims not increase profits Now I am paying for your mistakes and you are keeping the profit
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.
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!
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.
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.
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!!