Genworth traces roots back to the Life Insurance Company of Virginia in 1871 (wikipedia entry), and ended up being acquired by General Electric in 1996. Once GE was at the helm of Genworth, the Long Term Care business was prioritized, with innovative policy features, competitive rates, and a large sales force. For this reason, Genworth is by far the largest provider of Long Term Care Insurance policies in the United States as of 2015, and continues to grow its book of business.
Genworth Long Term Care Insurance Rates
Genworth announced in July of 2015 that it was reducing rates in over 40 states on new Long Term Care policies sold. An industry first, Genworth is doubling down on its commitment to Long Term Care Insurance as part of its business. This huge development tells us that the Long Term Care Insurance business is important to Genworth and they are here to stay.
Check back after August 1st for the new Long Term Care rates.
Reviews of Genworth LTC
It’s hard to find an objective review of an insurance company, because most people who are happy with their policy ever go on to write a positive review, while the minority of policyholders with issues go online and are quite vocal. At LTC Tree, we’ve sold thousands of LTC policies from many carriers, Genworth included. Our experience with client claims has been consistent with the industry. We have seen no difference between Genworth or any of the other blue-chip companies offering long term care policies in paying claims. They all have paid fast from our experience. The Long Term Care policy language is specific in nature but sensible relative to the insurance industry.
Ratings – Genworth’s Financial Strength
h generally carries financial ratings on the stronger side from most of the major ratings agencies such as S&P, Moody’s, Fitch, and COMDEX. As of summer ’15 the COMDEX rating of Genworth put the company in the 70th percentile of all rated companies. Full details here:
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