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Genworth Life Insurance Review

genworth life insurance review

Written By Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent close to 30 years in the insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health.  Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

Holly Mitchell  &

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.

Rob Pinner   &

Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

Louis LaBash

Results-driven and innovative life insurance professional with 30 plus years of life insurance industry sales and marketing experience. Recognized as a pioneer in the field, leveraging phone and internet channels to exceed personal sales of over $100 million during the first decade of the 21st century. Creator of a highly effective intuitive IUL life insurance sales software that facilitated the sale of millions of dollars of indexed universal policies by numerous life insurance agents. Proven track record as a Managing General Agent (MGA), Life Agent, IUL Life Insurance Sales Software developer, and leading-edge creator of insurance marketing tools, educational content, and delivery systems.

Table of Contents

*2018 Update – Genworth no longer sells life insurance policies including no medical exams and traditionally underwritten policies.*

Not only are there different types of life insurance policies. There are also many different life insurance companies.

When you start looking for the perfect insurance company, you can quickly become overwhelmed by the thousands of different choices.

The combination can make the process of choosing a company confusing. Thankfully, we are here to help you through the process it make it easier and, hopefully, stress-free.

In our review of Genworth Life Insurance below, we check out the company as a whole, as well as if you should include Genworth as one of the potential carriers to choose as the right life insurance company for your life insurance needs.

Genworth History

Genworth Life Insurance is an A.M Best A rated life insurance company.

An A rating represents an “Excellent” rating, which means that Genworth is a financially sound company.

Over the last few years, Genworth rates have not often been in the top 5 best rates. However, they have recently adjusted their pricing for their term life policies. And you can now find Genworth among the top three best priced carriers for life insurance around 90% of the time.

The best way to find out if they are the company for you is to compare rates and see if Genworth is competitive based on your age. Especially if you are over 65 and seeking life insurance.

If you’re looking for a company that has been around for decades and is stable in the insurance market, Genworth could be a perfect choice.

As we mentioned, not only are they a stable company, but they also tend to have excellent rates compared to their competitors

Genworth Financial Term Life Policy

Genworth offers clients two types of insurance – universal and term life. Term life will always be your most cost-effective option as term policies have an expiration. It’s usually 10, 15, 20 or 30 years, which is why they are cheaper.

Many families choose term life because it is more affordable and they can buy more coverage for the money. Many people also buy a term policy because it covers them during the years they need to protect their income for their family should something happen to them.

Not everyone prefers to have a policy that is eventually going to expire. This is what makes universal a great option. Unlike term policies, universal insurance is effective for as long as you pay the monthly premiums. It is beneficial for applicants that do not want to have to reapply for coverage in the future.

However, universal life insurance comes at a higher cost. Especially if you’re a younger applicant that could have gotten cheap term life insurance.

Genworth Financial Universal-Life

Genworth also offers Universal Life insurance and offers two types of policies – Index Universal Life (IUL) and Guaranteed Universal Life (GUL).

The difference is that an IUL provides a higher potential for cash value build-up by tying cash value to an index – usually the S&P 500. The downside of this policy is that if the S&P 500 doesn’t perform well – especially early on in the life of the policy – it is possible for the policy to lapse early.

With a Guaranteed No Lapse Universal Life, cash value accumulation won’t be as much as an IUL. However, this policy guaranteed that it will be in force throughout your whole life, without premiums increasing. A GUL is a good alternative to Whole Life, as it is cheaper. But it provides less cash savings within the policy.

Getting the Best Life Insurance Rates

One of the most important factors that go into calculating your premiums is your age. So it’s vital that you start the life insurance search as soon as possible. But there is nothing you can do about how old you are.

Another way to lower your premiums is by improving your health. After you decide which company you want to buy the policy from, they will want to know what kind of health you’re in. They will use this information to see how much of a risk you are.

After you complete the initial paperwork, the company will schedule a date for a paramedic to come to you and complete a medical exam.

The underwriter will want to see how much you weigh, your blood pressure, cholesterol, and also collect a urine and blood sample.

Similarly, if you really want to save, it’s time for you to kick your smoking habit. Smoking or using tobacco is the easiest way to guarantee that your insurance premiums go through the roof.

Smokers generally pay at least double for coverage versus what a non-smoker is going to pay.

Sure, those cigarettes taste good, but are they worth several extra thousand dollars on your insurance plan?

If you haven’t been able to kick the habit, or it hasn’t been at least a year since you did, check out our list of affordable life insurance companies for smokers.

Don’ forget to calculate exactly how much coverage your family needs. Otherwise, you could be paying high premiums every month.

The Bottom Line

If you need life insurance to make sure that your family is taken care of should something happen to you, Genworth is a worthwhile company to consider.

If you have any questions about Genworth, any of their competitors, or life insurance in general, our agents will be happy to answer those questions for you.

We want to make sure that your family has the insurance protection that they need. Genworth is an excellent option for your life insurance needs. They are financially sound and offer competitive rates.

I recommend that you use our quote tool on this page to compare life insurance rates and find out who is the best provider in your specific situation or call us at 1-800-712-8519.  We can help you select the right life insurance company for you.

Picture of Doug Mitchell, CLU

Doug Mitchell, CLU

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent close to 30 years in the life insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health. Some other notable items about Doug: Top of the Table Million Dollar Round Table member (MDRT). (MDRT is a global, independent association of the world’s leading life insurance advisors) | Premier Partner with Lincoln Financial and Cabinet Member | Served two years as President of the Auburn/Opelika Association of Financial Advisors | Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award | New York Life, Executive Council Member | Currently serves as President of Ogletree Financial, a life insurance General Agency. | Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

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