Since writing our first policy in 1871 as The Life Insurance Company of Virginia, we've been committed to helping people achieve and protect the comfort of financial security. Today, even in this challenging environment, Genworth is strategically focused on helping more people realize the dream of homeownership and navigate the financial challenges of aging.
For millions of people across the U.S., we provide financial security and protection through long term care funding solutions. Our mortgage insurance can help you secure low down payment loans and realize the dream of home ownership faster – even for the first time. When you’re financially secure, you have the freedom to get where you want to go— no matter what path you want to take. With Genworth, you’ll never have to go it alone.
Genworth is headquartered in Richmond, Virginia, and we conduct business in all 50 states. Our main office locations in the U.S. are Lynchburg, VA, Raleigh, NC, Richmond, VA, and Stamford, CT.
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My parents have been paying Genworth for LTI for about 50 years now. Up to this point they have probably paid somewhere between $200-$300,000. They are both now elderly and in need of home health aides. We opened claims for both of them and were told that before the insurance begins to pay, they have to pay for the first 100 days of care! Since my dad needs an aide 24/7, my parents are now laying out over $500/day only to find out that after they reach the 100 days, Genworth will pay them $170.63/day!! BIGGEST SCAM ON EARTH!
The way I see it, the only one that makes out here is Genworth! The claim process is also not an easy one. They’ve attempted to open a claim a few months ago when they both needed medical assistance, and were both denied. Apparently you need to have one foot in the grave before your claim is accepted! After all that my parents have invested in this company, my brother and I have advised my mom to cancel their policies and save their monthly premiums to use for their medical care. It’s just not worth paying for it any longer, as they will never recoup what they put into it!
Overall, I have felt that we have been treated well by Genworth LTC. We bought our policies when we were 38 and 42, respectively. As a result, now that we are in our 60's and both required care we have very good coverage for which I am deeply grateful. We still have not received the same amount in benefits which we have paid for premiums, nevertheless.
Currently, however, I am trying to file 3 appeals all involving recent events, and all 3 involving incorrect and/or never sent information from them. Unless resolved, this will involve several thousand dollars, which is a very large amount for us. It has been virtually impossible to reach anyone to help by phone. In the past 24 hours I was on hold for: 30 minutes; 15 minutes; and 10 minutes. I finally was told that I needed to appeal in writing. Hopefully the information that they SAY they sent me (and which I didn't receive) will be sent to me now, before I write my appeal, and here's hoping that the written appeals get through better than the phone calls. I hope this never happens again. I simply don't have the stamina to deal with this.
Horrible insurance company and biggest mistake of my life! I purchased this insurance for my mom in 2001 the representative assured me that they had never had an increase and that the likelihood of one was pretty slim but if it did it wouldn't be that much. At the time my mom was healthy, past a physical and was only 60 but I wanted to protect her investments being that she owned a multiple family home and had a small savings my dad had left her. The policy was $150 a months since then it has gone up a few times and now I'm paying $220.38 a month.
Today I got a letter saying that it was going up again to $1024.74 a month and that they plan to request a 150% additional increases over the next 5 to 7 years. My mom is no longer healthy, her savings have gone down drastically and the only thing she still has is the 3 family home we are trying to protect and now they are planning on increasing her policy within the next 5 years from the $1024.74 to $2,560.00 a month after they have been collecting over $600 from us for the last 19 years!! Now that she will not be accepted with another insurance company. What they want is for their older members to get out before they are able to put a claim through stealing all this money from them. Stay away from this shady horrible long term insurance company because when you need them they will not be there for you.
My 87 year-old aunt is extremely ill and for three weeks and about 10 phone calls, we’ve tried to get a representative to process her claim and submit a referral to the agency to visit her home and initiate care. Genworth staff use every excuse in the books about they didn’t get the message, they sent the wrong form, the intake person failed to document what was occurring, the third party care agencies didn’t answer their phones and were completely irresponsible and uncaring. My aunt religiously sent in her premiums and we just received notice they were almost doubling her quarterly premiums in September. This is the biggest scam ever and a class action should occur to stop this elder abuse. People can’t get care and die never having used their rightful benefits. So WRONG.
Insurance companies are supposed to be experts in predicting risk and creating premiums reflective of that risk. My 88 year old mother has held a Genworth Long Term Care policy for over a decade and has experienced one rate increase after another due to "higher than expected aggregate policyholder claim costs." This year's increase - going from $12,973 per year (which is up 100% over past 4 years) up to $22,143 per year - a 71% increase implemented over 3 years. Seems like an incentive to get people to forfeit any benefit of previously paid premiums by letting policy lapse, or downgrade their coverage to lower the amount of the increase. Meanwhile the C-Suite at Genworth makes $4 mil-$9 mil per year. Angering enough to consult a class action attorney.
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I am the son, managing my mom's claim. Submitted application 5-17-19. Approved on 6-3-19. Finally saw official complete approval letter on 7-5-19 after calling and requesting one. Claim rep had missed the email requesting this be sent to me. Submitted house cleaning invoices on to FastPay their subcontracted verification agency, who submitted them for payment to Genworth on 7-15-19. Called today to check on status. Could not get to our claim representative, the Genworth phone contact put me on hold and asked the rep our questions and then got back to me. Claims are generally paid within 15 business days, but the first one can take up to 30 days. They would approve our claim today.
We had also submitted a porch railing for consideration on 7-16-19 via website upload. [We know this is unlikely to be paid]. I asked about status, rep said they needed proof of payment, canceled check. I asked why they had not communicated this to me. Answer: the uploaded documents are not reviewed except once a month. What is best way to get questions answered? Answer: by phone call. Note: any phone call is received with the standard message: we are experiencing high volumes of phone calls, you may want to visit our webpage.
Maybe these are just startup issues. I have been taking detailed notes and have 4 Excel pages of 12pt font worth of notes, to get questions answered, procedures questions, etc. So far, I am less than impressed. We have a significant price increase bill pending. Should I pay it or drop the policy after 20+ years of payments? Our family has long history of lingering deaths. We are taking a lower benefit option and will pay the premium, up 57%. I also clicked on the REVIEW US button on the website, instead of sending me to a page to rate them, provide feedback, etc, it said: “Thanks. We will be in contact.” Pretty much sums up my experience so far. 8-9-19
Has anyone had this issue? My mom was denied her claim in an assisted living facility even though she has 2 ADLs. We were told the claim was denied because a doctor is not on staff. Of course they knew that months ago when the claim was started. Does anyone have a similar experience?
I had a shoulder replacement. I had about one month of home care. Even before I submitted my bill, the company called me and ask for my invoice. I submitted it, and within a few weeks got reimbursed. So far, I am 100% pleased.
I bought my policy in 2002 and was told they had never had an increase, but there was always a possibility. My payments gradually went up and I was paying $3,507.84 in 2018. Now I have been told that my payment will be going up every year until 2021 when I will have to pay $9,917.18 annually. My friends have Long Term Care with other companies and they have not seen increases like mine. I was also told that I would most likely see more increases. This is outrageous and should be against the law.
This is quite possibly the worst experience I have had with ANY health care. Forget your premiums - your rate increase means NOTHING if they keep on denying your request for a claim! You are paying into this policy for NOTHING. We have been trying since December of 2018 (5 months so far) to get my mother approved for a claim. Genworth keeps on denying the claim even after she has had two strokes. They have paid into this policy for 20 years. Call after call, you get the run-around for 37 minutes about how they have to send a link to the project team to identify and research the claim. My brother is an insurance agent, and he doesn't even understand their mumbo-jumbo. Please learn from our experience and do NOT choose this company for you or your loved ones.
Genworth Long Term Care Company Information
- Company Name:
- Company Type:
- Year Founded:
- 6620 W Broad St
- Postal Code:
- United States
- (888) 436-9678