Company Spotlight: Genworth Life Insurance Company
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UPDATED: Aug 14, 2020
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Important Note: Genworth Life Insurance Company no longer sells term life insurance. The content in this page is old, but may be helpful to existing Genworth Life customers. That’s why we kept it. Please keep this in mind as you read through the information and contact us if you have any doubts or questions.
As an online life insurance broker, we’re not limited to working with one specific life insurance company. By definition, a broker typically works with several companies but represents you, not the company.
Every life insurance company we make available to you has been carefully chosen to provide competitive prices, fast term life insurance application processing and underwriting (see guidelines here: life insurance underwriting guidelines), and excellent customer service. Today, we’ll take a closer look at one such company: Genworth Life Insurance Company.
Genworth Life Insurance Company is a Genworth Financial company, formerly known as GE Financial. The company was founded in 1871. They provide financial security and protection through retirement income, life and long term care insurance, and related financial and wellness advisory services for millions of people across the U.S. Genworth is headquartered in Richmond, Virginia and they conduct business in all 50 states.
Genworth Life has an A- rating from AM Best rating service, and a BBB- rating from Standard & Poor’s rating service. These company ratings represent a measure of a company’s claims paying ability and overall performance.
Features Included with Every Term Life Insurance Policy
These features are often called “riders” in life insurance lingo. This simply means they “attach to” or “ride along” with your policy. These two are included for free with your policy.
1. Accelerated Death Benefit Rider
Genworth includes an accelerated death benefit (ADB) rider at no extra cost to you (in approved states). This benefit allows you to receive a portion of the death benefit if you become terminally ill, with a life expectancy of 6 months or less. The policy owner can request payment of up to a maximum of $500,000.
2. Conversion Option
A Conversion Option is included with no extra premium. You may convert the policy to select permanent life insurance policies issued by Genworth. You do not need to show evidence of insurability to convert your policy, as long as you do it during the guarantee period of the policy, which expires at the end of the policy term or when you reach age 75.
Optional Features You can Add to Your Policy
You can buy these optional riders and they will also become a part of your policy.
1. Waiver of Premium Rider
A Waiver of Premium (WP) rider is available with extra premium (in approved states). If you experience a total disability, and after a waiting period of six months, your premiums will be waived retroactively from the beginning of the disability. The premiums will continue to be waived for the duration of your total disability. It will expire on the policy anniversary nearest your 60th birthday. You can buy this rider if you are between the ages of 18-55.
2. Children’s Level Term Insurance Rider
The Children’s Term (CT) rider is also available with an extra premium when buying life insurance for children. It provides level term insurance on each insured child, up to age 25. One rider covers all children in the family and any new children born or adopted after the policy is issued, with no increase in cost. The minimum amount of coverage available is $1,000 and the maximum is $10,000.
You can buy this Rider if you are between the ages of 18-55 and your children are between the ages of 15 days to 23 years. It expires on the policy anniversary nearest your age 65 , or when your youngest child reaches age 25, whichever happens first.
Genworth term life policies are available in term lengths of 10, 15, and 20 years, during which your rates are guaranteed to remain the same. The minimum coverage amount is $250,000. A paramedical exam is required to apply for any policy.
Remember, working with an online life insurance broker has its advantages. Buying online allows you to complete the process at your own pace while avoiding pressure to buy. It also gives you a variety of life insurance companies to choose from.
Get started with a free term life insurance quote and let us know if you’d like one of our licensed Insurance Professionals to help you choose the best life insurance company for you and your unique circumstances.