Quick Answer: Genworth Financial stopped selling life insurance in 2016 and now focuses exclusively on long-term care insurance. If you have an existing Genworth life insurance policy, it’s still valid and the company will honor your contract. We’ve helped many Genworth policyholders understand their options, whether that means keeping their current coverage, converting to a different policy type, or exploring alternatives with other carriers.
If you’re searching for information about Genworth life insurance, you’ve probably discovered something surprising. Genworth doesn’t sell life insurance anymore.
We get calls about this regularly. Someone has an old Genworth policy, or they remember the company from years ago and want to get a quote. Here’s what you need to know about where Genworth stands today and what your options are if you’re a current policyholder.
What Happened to Genworth Life Insurance?
Genworth Financial has a long history in the insurance industry. The company traces its roots back to 1871 when it started as The Life Insurance Company of Virginia. Over the decades, it grew through acquisitions and mergers, including absorbing First Colony Life Insurance Company in 2007.
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For years, Genworth was a major player in term life insurance. They offered competitive rates and were popular with independent agents like us. But the company ran into financial difficulties, and in 2016, they announced they would stop selling life insurance products entirely.
Today, Genworth focuses on long-term care insurance and mortgage insurance (through their Enact subsidiary). They’re actually one of the larger long-term care insurers in the country and publish an annual study on long-term care costs that’s widely referenced in the industry.
If You Have a Genworth Life Insurance Policy
Here’s the good news: your policy is still valid. Genworth is required to honor all existing contracts, and they continue to service policies that were sold before 2016.
Your options depend on what type of policy you have:
Term Life Insurance
If you have a Genworth term policy, it will continue until the term ends or you stop paying premiums. Many Genworth term policies included a conversion option that lets you convert to permanent coverage without a new medical exam. This can be valuable if your health has changed since you originally bought the policy.
We can help you understand your conversion options and compare them against new policies from other carriers. Sometimes converting makes sense. Sometimes starting fresh with a new company gets you better coverage at a lower price. It depends on your situation.
Universal Life Insurance
Genworth universal life policies remain in force as long as there’s enough cash value to cover the monthly charges. If you haven’t reviewed your policy recently, now’s a good time. Universal life policies from the 2000s and earlier were often illustrated with interest rate assumptions that seem optimistic today.
We can request an in-force illustration from Genworth to show you exactly where your policy stands and whether any adjustments make sense.
Whole Life Insurance
Whole life policies from Genworth continue with all their original guarantees. The death benefit, cash value growth, and premium amounts are locked in. These policies are generally the most straightforward to maintain.
Indexed Universal Life (IUL)
If you have a Genworth IUL, the same principles apply as universal life. The policy continues based on its original terms, but it’s worth reviewing periodically to make sure it’s performing as expected. Learn more about IUL tax advantages if you’re considering your long-term options.
Should You Keep Your Genworth Policy or Replace It?
This is the question we hear most often. And honestly, the answer is: it depends.
After 30+ years in this business, we’ve learned that keeping an existing policy is often the right call. You’ve already gone through underwriting, you’re locked into your health classification from when you were younger, and switching means starting over.
But there are situations where replacing a policy makes sense:
Your health is still good and rates have dropped significantly since you bought your policy. Term life rates in particular have decreased over the past decade due to improved mortality data.
Your coverage needs have changed. Maybe you need more insurance, or maybe you need less and are paying for coverage you don’t need.
Your Genworth universal life policy is underperforming and at risk of lapsing. This happens more than you’d think with older UL policies.
The only way to know for sure is to compare. We can pull your current policy details and run quotes from carriers we work with today. If keeping Genworth is your best option, we’ll tell you that. If there’s a better alternative, we’ll show you the numbers.
How to Contact Genworth
If you need to reach Genworth directly about your policy, here’s their contact information:
Phone: 888-325-5433 (Monday through Thursday, 8:30 a.m. to 6 p.m. ET; Friday, 9 a.m. to 6 p.m. ET)
Email: [email protected]
Mailing Address: Genworth Life Insurance Company, 6620 West Broad Street, Richmond, VA 23230
Frequently Asked Questions
Is Genworth going out of business?
No. Genworth is still an active insurance company, they just don’t sell life insurance anymore. They continue to service existing life insurance policies and actively sell long-term care insurance and mortgage insurance products. The company has had financial challenges over the years, but they remain operational and are meeting their policy obligations.
Will Genworth honor my life insurance claim?
Yes. Genworth is legally obligated to pay valid claims on all policies they issued. If a policyholder passes away and the policy is in force, Genworth will pay the death benefit to the named beneficiaries. If you have concerns about filing a claim, contact Genworth directly or reach out to us for guidance.
Can I still convert my Genworth term policy to permanent insurance?
Many Genworth term policies included conversion privileges that allow you to switch to a permanent policy without a medical exam. Whether this option is available depends on your specific policy terms and how much time remains in your conversion window. Check your policy documents or call Genworth to confirm your conversion options.
Should I replace my Genworth policy with coverage from another company?
It depends on your individual situation. Factors to consider include your current health, the type of policy you have, how it’s performing, and what alternatives are available. We recommend getting a professional review before making any changes. Sometimes keeping your Genworth policy is the best choice. Sometimes it’s not.
Who can help me with my Genworth life insurance policy?
We can. Even though Genworth no longer sells new policies, we work with clients who have existing Genworth coverage. We can help you understand your policy, explore your options, and decide whether to keep your current coverage or consider alternatives.
Key Takeaways
- Genworth stopped selling life insurance in 2016 but continues to honor and service all existing policies
- Your Genworth policy is still valid as long as you maintain premium payments (for term) or adequate cash value (for universal life)
- Conversion options may be available if you have a term policy and want to switch to permanent coverage
- Review your policy periodically, especially if you have universal life, to make sure it’s performing as expected
- Compare before replacing because keeping your existing policy is often the better financial decision
We’re Here to Help
If you have questions about your Genworth policy or want to explore your options, give us a call at 1-800-712-8519. We’ve helped many former Genworth customers navigate this exact situation.
There’s no pressure and no obligation. We’ll review what you have, explain your choices, and give you our honest recommendation, even if that means telling you to keep what you’ve got.
