Should I be worried about Genworth's financial health?

[goalservegod]

Genworth is in terrible shape financially. Should I be concerned that I have our life insurance policies with them?

If I decide to switch to another insurer, which would suck b/c we're older = more expensive, what is the current best way to shop for life insurance quotes? Thank you in advance!

 

[lululala]

@goalservegod I would not be that concerned about the financial health of Genworth. While yes it is in rough shape, they were bought out by a chinese investment firm that has discussed adding a lot of cash to help the company. Also it'd be a lot more likely that they would sell off the life insurance to another company to get money into their LTC reserves as that is their biggest problem.

That said, how long ago did you buy the policies? If you are still in good health it wouldn't be a terrible idea to at least consider replacing the contracts. Term insurance prices have dropped over the past few years so it may not be as much of an increase as you think to get new coverage and you could reevaluate for your needs today if they have changed.

 

[goalservegod]

@lululala Thanks for the reply and please pardon the delay. It's been about 8 years since we got our contracts and while our health is still good/unchanged, my parents have past from cancer. When I've filled out the online quote requests for multiple quotes, they were all more than double than what I'm paying now. Age and the parents are the biggest and only real changes.

 

[lydiabhanning]

@goalservegod You should visit AM Best to see how the company is rated, AM best rates companies on their ability to pay out, At the time Genworth has a B rating which means "B" (Fair) is assigned to those companies that have, in its opinion, a fair ability to meet their ongoing insurance obligations. with that being said the chances of Genworth paying out isn't high, I always ask myself this when it comes to being a consumer, will I eat at a restaurant that has a B rating? My answer is No.... So why will I allow someone to handle my money with a B rating??? There are many other companies out there who have a superior rating and Will pay out without a doubt.

 

[goalservegod]

@lydiabhanning Thanks and good point but what sucks is the quotes I've received lately are more than double than what I'm paying now. See my comment above.

 

[lydiabhanning]

@goalservegod Email me at angeliquejovane5683@gmail.com, I can get you some really good quotes.

 

[gmcarlson518]

@goalservegod There's websites where you can get instant quotes but if financial strength is a concern to you then find a broker that will get you quotes from reputable companies. Unless your health has drastically changed, replacing term policy shouldn't be much of a price increase.

 

[mads]

@goalservegod If you have a life insurance policy through them, you should be concerned that your personal and private data like social security, etc. might have been stolen. If you were affected by their recent data breach, you can get compensated! Check this out: https://joinclassactions.com/class_actions/genworth-financial-data-breach/.