Genworth Financial stopped selling new life insurance policies in March 2016 due to financial difficulties. If you already have a Genworth policy, it’s still valid and the company continues to honor existing contracts. For new life insurance coverage, you’ll need to work with a different carrier.
If you’re searching for Genworth life insurance, there’s something important you need to know right away. Genworth no longer sells life insurance policies. They haven’t since March 2016.
That doesn’t mean your existing Genworth policy is worthless. Far from it. Genworth is still required to honor every contract they sold. But if you’re shopping for new coverage, you’ll need to look elsewhere.
This review covers what happened to Genworth, what their current financial standing looks like, and what your options are whether you’re an existing policyholder or looking for new life insurance.
What Happened to Genworth Life Insurance?
Genworth Financial made the decision to stop selling new life insurance products in March 2016. This included term life, universal life, and all traditionally underwritten policies.
The company had been dealing with significant financial strain. Losses from their long-term care insurance business put heavy pressure on the balance sheet. At one point, Genworth reported losses exceeding $1 billion. Rather than continue spreading resources across multiple product lines, the company chose to pull back from life insurance sales entirely.
Today, Genworth focuses on two main areas: long-term care insurance (through their CareScout subsidiary) and mortgage insurance (through their Enact subsidiary). They also continue servicing the millions of life insurance policies that were sold before 2016.
Genworth Company Background
Genworth Financial (NYSE: GNW) is headquartered in Richmond, Virginia. The company’s roots trace back to 1871 through the Life Insurance Company of Virginia.
In 2004, General Electric spun off its insurance division as Genworth Financial through an IPO. The company grew into a major provider of life insurance, long-term care coverage, and mortgage insurance.
Genworth operates across all 50 states. While their life insurance division is no longer writing new business, the company remains a significant player in the long-term care and mortgage insurance markets.
Genworth’s Current AM Best Rating
This is where the story has changed significantly. Genworth’s financial ratings are not what they once were.
As of September 2025, AM Best rates Genworth Life Insurance Company (GLIC) at C++ (Marginal) for Financial Strength. That’s well below the “A” (Excellent) rating the company once held. The outlook was recently revised to positive from stable, which signals some improvement. You can verify current ratings on Genworth’s official ratings page.
Genworth Life and Annuity Insurance Company (GLAIC), a separate subsidiary, holds a B- (Fair) rating from AM Best.
What does this mean for you? If you hold an existing Genworth policy, the company is still meeting its obligations. The positive outlook suggests their financial position is stabilizing. But these ratings reflect a company that has gone through serious financial challenges and is still working its way back.
What If You Already Have a Genworth Policy?
If you bought a life insurance policy from Genworth before 2016, here’s what you need to know.
Your policy is still valid. Genworth is legally required to honor all existing contracts. You can continue making premium payments, filing claims, and managing your policy just as before.
It’s worth noting that in early 2016, Protective Life Insurance Company acquired certain blocks of Genworth’s term life insurance through a reinsurance agreement. Genworth retained administration and servicing of these policies. In June 2016, Genworth also sold its term life insurance platform to Pacific Life. If you’re unsure who handles your specific policy, contact Genworth directly to confirm.
If you have a term life policy: Your coverage continues until the end of your term or until you stop paying premiums. Many Genworth term policies included a conversion option that lets you switch to permanent coverage without a medical exam. Check your policy documents or call Genworth to see if this applies to you and when the conversion window closes.
If you have a universal life policy: These policies remain in force as long as adequate cash value supports them. It’s worth having your policy reviewed periodically to make sure it’s performing as expected, especially given the company’s financial changes over the past decade.
Contact Genworth directly: Call 888-325-5433, Monday through Thursday 8:30 a.m. to 6 p.m. ET and Fridays 9 a.m. to 6 p.m. ET. You can also email LifeCustomerService@genworth.com.
Genworth’s Current Business Focus
While Genworth exited the life insurance market, the company hasn’t disappeared. They’ve narrowed their focus to two main business lines.
Long-term care insurance remains Genworth’s primary insurance product. They’re one of the largest LTC insurers in the country. In late 2025, Genworth’s CareScout subsidiary launched CareScout Care Assurance, its first standalone long-term care insurance product. CareScout had been operating as a care management and quality network before expanding into active insurance sales. Genworth also publishes an annual Cost of Care Survey that’s widely referenced across the insurance and financial planning industries.
Mortgage insurance is handled through Enact (formerly Genworth Mortgage Insurance), which completed its own IPO in September 2021. This subsidiary helps homebuyers who put down less than 20% qualify for conventional mortgages.
How to Find Life Insurance Now
Since Genworth is no longer an option for new life insurance, you’ll want to compare coverage from carriers that are actively writing policies today. The good news is there are plenty of strong options. The life insurance market has dozens of highly rated carriers offering competitive term life insurance and final expense coverage.
The key is finding the right fit based on your age, health, coverage needs, and budget. Here are a few things to focus on when shopping:
- Check the carrier’s AM Best rating. Look for companies rated A or higher. This reflects strong financial health and claims-paying ability.
- Compare quotes from multiple carriers. Rates can vary significantly between companies for the same coverage amount and term length.
- Consider your health situation. If you have pre-existing conditions, some carriers are more flexible in their underwriting than others.
- Don’t wait. Age is one of the biggest factors in life insurance pricing. The younger and healthier you are when you apply, the lower your premiums will be.
We work with over 30 top-rated life insurance carriers. That means we can help you compare rates and find the best life insurance companies for your specific situation, whether you’re looking for term life, final expense insurance, or need coverage with a health condition.
Frequently Asked Questions
Does Genworth still sell life insurance?
No. Genworth stopped selling all new life insurance policies in March 2016. This includes term life, universal life, and all other life insurance products. The company now focuses on long-term care insurance through its CareScout subsidiary and mortgage insurance through Enact.
What happens to my existing Genworth life insurance policy?
Your policy is still active and Genworth is required to honor the terms of your contract. You can continue paying premiums, filing claims, and managing your coverage. Contact Genworth at 888-325-5433 if you have questions about your specific policy.
Is Genworth financially stable?
Genworth’s current AM Best Financial Strength Rating for its main life insurance subsidiary (GLIC) is C++ (Marginal) with a positive outlook as of September 2025. This is lower than their historical rating, but the positive outlook indicates improving financial health. The company continues to meet its obligations on existing policies.
Can I convert my Genworth term policy to permanent coverage?
Many Genworth term policies included a conversion privilege. This lets you switch to permanent coverage without a medical exam. Whether this option is available depends on your specific policy terms and the remaining time in your conversion window. Contact Genworth at 888-325-5433 to check your options.
Where can I get life insurance now that Genworth doesn’t sell it?
You can compare quotes from dozens of actively writing, highly rated carriers. Working with an independent agent gives you access to multiple companies at once so you can find the best rate for your situation. Give us a call at 800-712-8519 for a free comparison.
Key Takeaways
- Genworth Financial stopped selling new life insurance policies in March 2016 due to financial pressures from their long-term care business.
- Existing Genworth policies are still valid and the company continues to honor all contracts.
- Certain blocks of Genworth’s term life insurance were sold via reinsurance to Protective Life in 2016, though Genworth retained policy administration.
- Genworth’s current AM Best rating for GLIC is C++ (Marginal) with a positive outlook, well below their former “A” rating.
- If you need new life insurance, plenty of highly rated carriers offer competitive term life and final expense coverage today.
Need help finding the right life insurance? We work with 30+ top-rated carriers to find you the best rates. Call us at 800-712-8519 or use the quote tool on this page to compare options instantly.
