Is Genworth a Good Insurance Company?
At Diversified Insurance Brokers, we help clients evaluate leading insurers for financial strength, reliability, and long-term value. If you’re wondering, “Is Genworth a good insurance company?” the answer depends on your goals. Genworth is best known for its long-term care insurance expertise and financial turnaround efforts. While it once offered a wide range of products, today it focuses primarily on long-term care (LTC) insurance and hybrid solutions—making it a familiar name for retirees planning for extended care needs.
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See how Genworth’s long-term care and annuity options compare to other leading insurers.
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Company Overview
Founded in 1871, Genworth Financial, Inc. has a long history in the insurance sector. For decades, it operated as a broad-based life and annuity company. However, over the last decade, its focus has narrowed—centering on long-term care insurance and related services. Genworth’s shift was driven by changes in the long-term care market, where it remains one of the few carriers still servicing older policies and offering expertise in care planning.
Financial Strength and Reputation
Genworth’s ratings have fluctuated due to market pressures, but it remains licensed, solvent, and under regulatory supervision. While its credit ratings are not as high as top-tier mutual carriers, it continues to pay claims and manage policyholder obligations. Its long-term care division—through decades of experience—offers deep insight into claims trends, pricing, and underwriting that newer entrants often lack.
Key Strengths
- Specialization in Long-Term Care Insurance: Genworth has decades of actuarial data and claims experience in this market.
- Care Resources: Offers educational tools and care-coordination services that help policyholders plan for future care costs.
- Experience: One of the few legacy insurers maintaining a portfolio of traditional long-term care policies.
Potential Weaknesses
- Limited Product Availability: No longer active in life or annuity sales in many states.
- Past Financial Challenges: Downgrades during prior restructuring years may concern conservative investors.
- Premium Increases: Older LTC policies have experienced rate hikes to remain sustainable.
How It Compares for Retirement Planning
For retirees seeking income protection and healthcare coverage, it’s important to understand how long-term care fits into a broader retirement income plan. While Genworth focuses heavily on traditional long-term care, other companies now offer hybrid life and annuity-based LTC solutions that provide tax-deferred growth, liquidity, and death benefits if care isn’t needed.
When Genworth May Be a Good Fit
- You already own a legacy Genworth LTC policy and want continued claim support or coordination.
- You value the company’s historical experience and broad claims network.
- You’re comparing traditional LTC coverage versus modern hybrid long-term care insurance.
When to Consider Alternatives
- You prefer a guaranteed premium and lifetime benefits through shared-care long-term care insurance.
- You want coverage that grows over time, such as annuities with long-term care riders.
- You’re comparing multi-carrier quotes through an independent broker like Diversified Insurance Brokers for affordable LTC coverage for retirees.
Planning Example
A 62-year-old couple wants to ensure they’re covered if one spouse needs care later in life. Their advisor compares Genworth’s existing LTC option against a modern hybrid policy with a guaranteed premium. The hybrid plan provides lifetime benefits, a residual death benefit, and inflation protection—all at a level premium. This approach keeps costs predictable while still maintaining strong coverage for long-term care needs.
Pros & Cons (Side by Side)
Pros
- Deep expertise in long-term care insurance.
- Claims experience spanning decades.
- Resources and planning tools for care coordination.
Cons
- Limited new product offerings.
- Premium rate adjustments on older policies.
- Lower financial strength ratings than top competitors.
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FAQs: Is Genworth a Good Insurance Company?
Is Genworth still selling long-term care insurance?
Yes, Genworth continues to service existing policies and selectively issues new long-term care coverage in specific markets.
What makes Genworth different from other insurers?
Genworth’s deep experience in long-term care insurance gives it unique actuarial and claims data, unmatched by many newer competitors.
Has Genworth faced financial issues?
Yes, the company has undergone restructuring and rating changes, but it remains licensed, solvent, and continues paying claims.
What are the alternatives to Genworth’s LTC policies?
Hybrid life or annuity-based long-term care solutions provide guaranteed premiums, lifetime benefits, and death benefits if care isn’t needed.
Should I review my existing Genworth policy?
Yes. It’s smart to review coverage regularly—especially if rates increase or if hybrid alternatives could enhance your long-term plan.
