Consumer Complaints and Reviews
Obtained from financial management advisor who in most other regards has been great. Perhaps she was motivated by her gain from directing me to this form of investment. For the amount invested, would not let me draw out enough each month for retirement so company gets to hold on to great amount of my money. Surrender conditions also heinous. Interest rate was also questionable. I am no longer with that financial advisor! Minuscule amount based on initial investment. The "security" of being an insurance type vehicle misleading as "secure" feature. For many years, interest accruing and cash out value did not come close to return investments in stock market and real estate. Even from 2010-2014, my portfolio was very lucrative.
They were nice but sometimes the employees would be slow or not care about helping me. On the other hand, one of the employees was very helpful when I noticed I wasn't being helped well. There weren't too many withdrawal options here. It was kind of frustrating but at least there was no options, just little options for me to choose from. Also, not too many payout options. This time there was little to none which was also frustrating. I was very dissatisfied with what I was given and would not recommend. There was a few funding options that were given to me but none were not right for me and didn't fit my standards. I was very disappointed to see this.
My wife and I have an old GE Long Term Care policy. GE sold out to Genworth Financial. We were assured no policy increases by GE. And they did not but Genworth Financial has increased the rates beyond belief. Now about service. My wife just passed from 4th Stage Metastatic Breast Cancer. So I have had several services during the last 6 months that were covered under the GE policy. Now I am told that Genworth does not cover these claims. I had one check I deposited that the bank returned. The fault of Genworth Financial and I get to pay the returned check fee. And there is always something incorrect with my claims. You would think they would let you know why they are not processing claims but no they will not. I call and get one problem resolved only to find they will not reimburse us for another reason.
It is June and I am waiting on April's claims. There are some very caring employees who have helped but some have been less than helpful. Example: My policy and Genworth told me they would pay for housekeeping service during my wife's illness. Now I am told they want their payments back. They state they will not pay once a week housekeeping while my wife was in Hospice for 12 weeks. I guess that rather than being with my wife during her last days I should be cleaning house. They seemed so excited about getting their money back. Now I am having to go to the Clerk of Court and file forms so I can cash their checks. If I ever see them. After the last 6 months taking care of my wife of 34 years I am exhausted and devastated. Genworth has been a big aggravation the entire time.
I find that this company has provided me with quality services and I'm very happy with the outcome. I would recommend this company to anyone looking for the same work needed done as I have. My payout options have been met and I'm very happy with this company. My funding needs have been met greatly and everyone should use this company for the same reasons I did. The outcome has been outstanding.
It was a pretty good experience overall and I hope others will get it as well.
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I have found that this was a smart and prudent investment over the past 20 some years. It has given good returns over the years. I would recommend the company to friends and relatives. And people that I work with from time to time. I do expect to get better results in the future over the next twenty years. If I in fact have another twenty years.
The annuity is a great product. Service was great. They went over all the d re still and it worked out great. I never had problems or issues with the product or the service. Highly recommended.
The Annuities companies are experts, are helpful. They advise, they don't sell. They have great story of all they have success. They always there to help Annuity features that could cost you extra fees and expenses - the different types of annuities and the advantages and disadvantages of each, why annuities can be complex to understand and could require additional research.
I received an annuity when a parent passed away. I had the option of taking the money or reinvesting it with company which I did. I was able to put a little extra to God with the original. I am eligible to collect once I reach a certain age and was able to lock in a fair interest rate as well.
Seems to be better than most of the others I have heard about.... Decent terms and cash in laws. You seem to get timely updates... seems to be reputable.
My father bought an annuity several years ago. Upon his death my sisters and I were due a payout of the remaining value. We each independently submitted the paperwork along with a required original death certificate in a self addressed envelope to Genworth. After several weeks of waiting I called to see where we were in the process. After 30 min on hold I reached a customer service rep who told me that they had not received any of the three claims sent to them. What are the odds of all three claims from one family going missing.
She dismissively said we would just need to resubmit our claims. Being weary of another three claims making it to them I asked to speak with a supervisor and waited another 20 minutes for her. We are not on day three of excuses with every time I call I am on a 30 to 40 minute wait. Is there anything more we can do or are we really at their peril?
My husband had insurance with Life of Virginia when we got married 30 years ago. He added me to the policy just after our wedding. We paid $180.00 per quarter for $75,000.00 on him and $50,000.00 on me for whole life insurance. We married in 1985. Last year the premium went up to $241.00 and we decided to keep paying the insurance because he was 68 then and we had a mortgage on our home. We have just received a bill for our next quarter of insurance for $613.00. This will be our premium for the next 12 months times 4 payments. Now that I'm 61 and he is 69, we are NOT going to continue paying and now have to find some final life insurance and will not have this income to count on when one of us dies. I think whole life insurance is a total rip off.
I have been with Genworth (previously with GE) since 1999. Premiums at that time were a little over $80 a month. I was told that there be a slight increase at times. They have now doubled to $161 a month. I was 65 when I took out the policy and had a part time job. I am now 80 and not working. I have filed a claim twice and have been turned down. I have had brain surgery and rheumatoid arthritis. Really need help with daily activities. I am having trouble making the premiums.
When I called my representative and made her aware of this, she told me she could cut the premiums, but by doing so I would cut my care. Also if I was approved for help, I would have to pay for the first 51 days of service. This along with the premiums is well above my means. If I cancel the policy we are talking about close to $20,000, I would be out with no refund of any kind from them... They keep all the monies I have been out. I would not recommend Genworth to my worse enemy.
My monthly annuity check did not arrive in the mail. After 4 or 5 phone calls and over 4 long wasted hours on the phone I am still nowhere near to having them issue me another check. The customer service representatives are rude, disrespectful, lazy, and either they don't know policies and procedures or they flat out lie!! I am disgusted with the way I was treated. I was bounced around from one rep to another like a ping pong ball and every time I was transferred I was asked for acct#, address, SS#, DOB, etc.
One rep would tell me one thing then transfer me to another rep who would state that she did not know why I had been told such thing because that was not true. I asked for one person to see this situation through and they could't even do that! I was accused of lying and that was the last straw! I advised them I wanted all of the info for my annuity so I can put my money to work elsewhere and I was told I could not withdraw my own money! I advised them that I know the law and my rights and I can invest my money anywhere I choose! They still refused to provide me with acct balance, interest, etc! They had the nerve to tell me that that info could only be sent upon my attorney's request! Ridiculous! Since when does one need to go through an attorney in order to have access to their life savings??
I read up on Genworth before investing. Unfortunately I did not speak to anyone in regards to their personal experience and customer service! I was told initially it would take them at least 3 weeks to issue another check! Not even the Social Security Administration tries to feed you that much BS before putting a stop payment on one check and issue you another one! That is totally unacceptable! I need my money to pay my bills on time otherwise I will have to be stuck with hundreds of dollars for late fees! Furthermore I need to eat! But these reps could care less! I had to ask them to overnight papers or send them by email as I don't have a fax. But no matter what solution I brought up they always found some alleged reason why they couldn't do it! Finally one rep got sick of me and emailed me the forms. She asked to fax the forms ASAP and to call back as soon as I faxed so they can email me the next form! Why they can't email them all together? Go figure!
After I faxed the paperwork I called and I was told that my document was not received and they probably wouldn't receive it till the next day after 12 pm! When I asked how she knew my document was not in the fax machine she had no answer. I advised her that I had a confirmation number and she refused to take it. She also refused to walk to the fax machine and check if my fax was there! That is just plain laziness! She ended up telling me that it did not matter anyway because she was not authorized to email me the next document and that the person that could do that would not be available anyway till after 12 pm tomorrow. The rep that I had spoken to prior to this lazy woman had advised me that they were open till 8 pm. I am honestly disgusted with Genworth. I will not recommend them to anyone and I am seriously considering taking my business elsewhere. I am not looking forward to dealing with these reps tomorrow. I will jump over every hurdle these reps pull out. This is my money. I worked all my life for it. Honestly I have gotten better customer service at WalMart!
Kimberly needs be removed from her position ASAP. She is rude, unprofessional, condescending and I could go on. I have been a customer for 10 years. If I could I would cancel this policy. They know they got you, so they think they can talk to you any way they can.
If you are thinking about Genworth, go somewhere else. The only reason I am staying is I have 10 more years on my policy. I have owned my own business for 27 years. I would never talk to a customer like she talked to me. A customer is to be celebrated, treated with respect and feel good about where they spend their hard earned money.
I started after the anniversary date of an annuity my parents had to liquidate and transfer into their Trust. I have been treated like a criminal. I have transferred all their assets into a Trust for their health care. My parents' house and liquidated all financial holdings per the attorney's instruction but Genworth Financial Annunity. Why you ask? The legal work my parents paid for me to be their Power of Attorney and Trustee means nothing to Genworth. I had to go as far as to get my parents to sign (my father can pretty well, my mother has her days) and it took two days for my mother to sign the first set of forms. Today, I get a blocked call from somebody at Genworth Financial asking to speak to my mother. I was sitting in her hospital room after she just came back for a procedure (a procedure I had to sign for) and they wanted to speak to her. I will no longer deal with them. The attorney will have to and I have every intention of making them pay for his time. How they can do these like this is beyond belief.
My late husband purchased Genworth Commonwealth variable annuities from Raymond James and Associates, Inc. in the late 1990s. He purchased the annuities with the understanding that there was a death benefit that would protect his investments. He was advised on several occasions by his financial advisor to hold on to them, specifically for the death benefit, since they were valued less than the initial investment amount due to poor performance. After my husbandâ€™s death I attempted to claim the death benefit on these policies. I was informed that for the death benefit to be claimed, the claim had to be made within 90 days of Ronâ€™s date of death.
To the best of my knowledge, my husband was never made aware of this deadline and as a beneficiary I was unaware of this 90 day time frame. Had I been aware of it I most certainly would have filed a claim immediately. After speaking to numerous financial planners and insurance representatives, I have found that such a clause may be highly unconventional. Especially since beneficiaries are likely to be unaware of detailed contract provision that they have never seen or read?
I have attempted to plead my case with both Raymond James and Genworth, but their response was, "Unfortunately to comply with your request for an exception would be a violation of our contract provisions. It would also be an unfair practice to our other clients."
Just how many other clients have been cheated out of money owed to them by Genworth? I feel that this clause was placed in the contract to give the insurance company a way out of paying on a benefit that myself and many other beneficiaries were entitled to. Ninety days is a short period of time for a widow who has had to endure much pain grief and suffering to get her emotions in check to be able to handle and resolve many issues and problems arising from my husband's death.
A sum of $58,000 was lost. To me (as a senior citizen on a fixed income) it represents a little added security especially when a $105,000.00 investment over 7 years was reduced to $89,000.00. My husband knew the risks of investing and purchased the annuity looking to safeguard that risk. He paid for that coverage over a 7 year period. As it has turned out, the insurance company provided no insurance against that risk.
ConsumerAffairs Research Team
The ConsumerAffairs Research Team believes everyone deserves to make smart decisions. We aim to provide readers with the most up-to-date information available about today's consumer products and services.
Genworth is a Fortune 500 company with a presence in over 25 countries. The company has evolved from a small insurance company in Virginia to a company with over $100 billion in assets.
- Easy access to forms: The Genworth website offers easy access to forms, as well as the claim submission process.
- Online account management: Consumers can easily manage their account information, view a prospectus, and view performance through the website portal.
- Access to tools: Subscribers to the Genworth website gain access to financial calculators and educational videos.
- Free worksheet: For consumers who are trying to decide whether to set up an annuity, Genworth offers a free worksheet to help clarify the key points in the decision process.
- Social responsibility: Genworth supports many employee volunteer initiatives and donated more than $1.2 million to the United Way in 2014.
- Best for Savers, savers plus income generators, and retirees.
Genworth Annuities Company Profile
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