10 Best
Long Term Care Insurance
of 2024
Long Term Care Insurance
of 2024
Promoted
Our Partner
Nation’s leading provider since 1976, unmatched expertise and experience.
- Applicable for adults between the ages of 45 and 79
- Wide range of options & exclusive discounts.
- Cost of Care Map tool to understand costs
Genworth Long Term Care Insurance Review
ConsumersAdvocate.org
47 Customer Comments & Reviews - see all comments
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Headquartered in Richmond, Virginia, Genworth Financial is an insurance and mortgage solutions company offering life and long-term care insurance products, as well as mortgage insurance and annuities, throughout the United States and abroad. The company has been in business since 1945.
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47 Customer Comments & Reviews
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I have serious concerns Genworth will be able to live up to their commitments. My wife and I have had a joint policy for nearly 12 years. During that time we have received substantial yearly premium increases. Our first annual premium in 2010 was approximately $5,252. Today I received my, just in time for Christmas notice, that in 2022 our premium was increasing yet again. The new premium will be approximately $13,402. The company’s financial strength rating is c++ (marginal). Now I read the company is being acquired by the Chinese. I am now wishing we had either invested the money we’ve poured into premiums and gone the self insurance route, or chosen a different provider. I expected... Read More
My husband and I have been each paying for a policy for many years. At first it was fairly reasonable, around $1500 for me and about $2300 for him each year. This year (2021) it’s $8400 for us both and next year over $12000. We have not used the policies yet, however, my husband has a progressive brain disease and we are moving to a place where there is help if he needs it. It scares me to death to think this company will now be Chinese owned. What’s the future hold for the many people who need help from GenWorth?
In October 2021, Genworth has submitted a request to the State of Maine to increase premiums by 141%! This is very concerning and will dramatically impact individual policy holders. The company needs to get their finances in order and not rely on their customers.
I started my policy in 2005. I remember being explicitly told that being insurance, rates were reviewed yearly and were susceptible to increases. At the time, they offered a 20 year payment plan that secured the same payment amount yearly as another option. I asked if I could pay in 10 and got it in writing. I only wish others had chosen this option. I have been unemployed twice long term and do not know how I would have made payments.
Just received a notice on 9/14/2021 that now my payments for my policy (which I have never changed in the 11 years that I have been been paying) will be increasing by 66% on my next bill!!! I have never submitted a claim and when I took the policy out, the company was considered one of the best in Wisconsin. There is no way I can afford the new rates and have no idea what the future holds for me! I am 75 and in good health, but who knows what the future holds!
I recently submitted a claim for my wife who is 80 years old and had fallen and broke her hip and wrist. We needed some help with domestic chores . Upon advisement from the sales person who sold me the policy the application was submitted. We have had this policy for over 20 years and have never submitted a claim. To my surprise we were denied. The claim was resubmitted with the additional information claims requested and still were not approved. After multiple calls and paperwork submissions we were denied a third time and each time there was a different requirement which I feel was excuses for not approving the claim . I also find that your company has been downgraded to a C+ and you... Read More
Genworth makes it nearly impossible to collect on the benefits you paid for. Claims are repeatedly denied outright or sent back saying more documentation is needed. If you investigate further you would see that most people are not satisfied with long term care insurance. Better to save via 401k or whole life insurance. Not sure how they got this high rating.
Right now I am not happy with Genworth. We seem to be getting the run around. My husband has Parkinsons and needs care .I have been paying out of pocket for this and have not received any reimbursement from theinsurance. We have paid for many years.Will rate them when I am sure of them either way.
Terry N.
KCMO
10/31/2019
Bought my LTC police in 2001 when Genworth was a GE company. 2013 saw a 44% increase in premiums, this year I'm offered a 55% increase and left subject to increases going forward of 140% in the next 5-7 years projected by Genworth or the option of a 52% increase with a decrease in coverage and premiums frozen for 8 years. Obviously I'm in deep and not wanting to lose what I have invested. Genworth CEO gets $9.5 million in compensation per year and the top 5 executives average $5 million so it's clear where the money is going. Looking for options now.
Despite what they tell you, make sure you have an attorney you trust review the policy during the initial cancelation period. Fifteen years and thousands of dollars, and at least three different sales reps, and now that insurance is needed, it's not what they promised. So, now do I keep paying just in case some day I need it and do qualify, or d I wright it off as a waste of money.
Top Rated
Our Partner
Nation’s leading provider since 1976, unmatched expertise and experience.
- Applicable for adults between the ages of 45 and 79
- Wide range of options & exclusive discounts.
- Cost of Care Map tool to understand costs