*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, on top of that there are 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 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, and the coverage amount.
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, usually of 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.
Although, not everyone prefers to have a policy that is eventually going to expire, which makes universal a great option. Unlike term policies, universal insurance is effective for as long as you pay the monthly premiums, which is beneficial for applicants that do not want to have to reapply for coverage in the future.
Although 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 builds 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 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 are going to want to know what kind of health you’re in, which they will use to see how much of a risk you are.
After you complete the initial paperwork, the company is going to schedule a date for a paramedic to come to you and complete a medical exam.
The underwriter is going to 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 you need to calculate 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 1-800-552-6159. We can help you select the right life insurance company for you.