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.
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I totally agree with the other evaluators. My wife and I bought these policies about 15 years ago. We have pain in about $46,000 in premiums here in NY. Now we are being priced out of the market with MY APPROVAL! Genworth made a bad deal and now wants to back out and steal millions in paid premiums when those buying them will start needing them. I am now 67 and my wife is 61 with increasing health issues/disabilities. DO NOT BUY THIS TYPE OF INSURANCE. We should have banked the money instead.
See my Facebook page: LONG TERM INSURANCE CROOKS. File a complaint with your state consumer protection agency and contact your representatives. They said this is not age discrimination. I beg to differ. These policies were bought by a specific age group targeted by the increase. Instead of charging more for new policies and suffering the loss of more suckers like us they now want to simply back out by pricing us out. Makes me wonder who in my state (NY) is protecting us. A class action would be welcome. Perhaps a criminal investigation as well.
I purchased a LTC partnership policy with GE initially which now is held by Genworth. I have religiously paid premiums for 11 years. I can attest to those who have said that GE's sales pitch assured us stability in premiums for locking in when younger and with no health issues. The contract even states that premiums can only be raised under a limited basis. My mistake that I didn't ask them to define "limited basis". Now I am informed that my premium is being raised by 60% and their partner NYS has allowed this.
This is a massive fraud imho. While they stated that this is not based on age or health, this group of insured is now older and a higher risk for them. So they want to price us out of the policies that we all have invested heavily in. They want us to drop the policies because they are making it unaffordable for many who have invested into a policy in good faith for many years. Most of us could not get a different policy at this point. They have put us between a rock and a hard place. Shame on the lawmakers of NYS for allowing this to happen. I have contacted all of my legislators about this. It's unfair to slam anyone with a 60% increase all at once. Genworth has screwed up in their value assessments and now they are able to screw us without any ramifications to them.
My husband and I have had long term health care insurance policies with Genworth since 2007. It wasn't until we also got our 60% increase in our premiums that we started to look into this company. Like so many other customers, we feel that this is as deliberate act on the part of the company to force their customers to default on their premium payments. Shame on them! We have paid the premiums every year and are not going to renew our insurance policy after paying $40,000. I refuse to give this company another dime. Genworth, along with its executives, should be investigated for fraud. Their mismanagement of the company will force many policy holders to lose their long term health care insurance because they are unable to pay this ridiculous increase in premiums.
If you google and do more research on Genworth, you will learn that Board Members of the company have filed law suits against two executives. But who will protect us the policy holders? We live in New York and we are going to contact the Attorney General to file a complaint. We are also looking into what legal action we can take to recover the premiums we have paid in the past. But, if anyone puts together a class action suit, please let us know.
Finally, I trusted my insurance representative to sell me a policy that made sense. Unfortunately my husband and I should have gone over this policy line-by-line. I called a representative from Genworth to find out what the criterion was to be approved for assisted living. There were six daily functions that if I could not perform 2 of them on my own, then I would be eligible for an assisted living. Well, based on their list of six, I would not be even eligible for an assisted living but would need to be placed in a nursing home. Their threshold for dependence is beyond what is reasonable. The bottom line is that I do not trust Genworth nor do I want to have a policy with them based on what I have learned. As policy holders, we should have some legal rights.
We bought our policies for long term care 13 years ago. We bought while in our forties so that our premiums would remain low. We just received our increase notice demanding a rate change of 60%. The reason for the increase is basically poor planning on the part of Genworth - "Oops, we made a miscalculation!" Apparently their actuaries were incompetent. But that is not my problem. This is a legal agreement, as far as I'm concerned and we only purchased this policy because it was affordable, and would continue to be so for the duration. A 60% rate increase is exorbitant. Isn't there any consumer agency that protects people from this kind of gouging?
It has been extremely difficult to work with this company. We had our 93 year old mother approved for full care at home benefits. She has become much worse and has Alzheimer's so we moved her to assisted living facility because she needs more care. This company decides to reassess her with a nurse that said she does not meet their requirements. So they just stopped paying her benefits and say they are looking into it. Both her Dr. and the neurologist said she needs care and she can’t take care of herself.
This has been going on 3 months. Every time I talk to them they change their story. I am her POA and guardian, all correspondence is to be sent to me but they continually send mail to wrong addresses. We hope and pray they get this straightened out because this is very stressful financially for the family. She has been paying for this insurance since 1997 and it is now time for her be able to use it.
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Genworth Financial - Is it a takeoff of The Rainmaker or is it a Ponzi scheme? I bought a Long Term Care policy in the 1990s and have been paying the premiums regularly since then. The quarterly premiums have gone up from about $950.00 to $1105.78 at the present. BUT now they are raising the payments by 60 percent. It seems obvious to me that their intent is to force their policyholders to cancel their policies before they can be used and thereby reap a huge windfall of money. Therefore, I am suggesting a Class Action lawsuit be filed to stop this egregious process from proceeding any further or that a cash buyout be offered to those policyholders who no longer trust this company.
My wife and I have held Genworth Long Term Care Insurance policies for decades without making any claims. In October 2015 we were told our premiums will increase by a whopping 60% unless we drastically reduce our coverage. Genworth appears to be targeting long-time customers who are now old enough that it would be very expensive to open new LT Care policies with a different company. I'd understand reasonable premium increases based on rising medical costs, but 60% is absurd.
Genworth recently increased premiums 60% which is disgraceful. As I've read suit has been filed by shareholders for gross mismanagement of funds. Called Genworth to reduce benefits to keep same premium however this is not an option. If there is a policyholder class action suit in the works please advise. We should all take part.
I have had this life insurance policy for over 10 years paying 48.00 every three months. I would have been paid up after five years of my $250,000 life insurance policy. I miss one payment. Try to make it following the advice of a customer service representative. She told me not to make it. I have to be reinstated. Little did I know that when I got the letter back, I was rejected for reinstatement due to build. My health is perfect because I am to them to be overweight. They wanted me to take out a new policy paying 100.00 a month for a 100.000 policy. They are a rip off, and I don't recommend them to anyone. They discriminated me for false reasons to get a new policy with a higher quote.
Genworth recently raised my already outrageous insurance premium for my LTC policy by 60% from approximately $2,400.00 per yr to $3,600.00 per year. I've struggled to pay these premiums for the longest time. I've never in all my day, and I'm no spring chicken hence, the need for LTC insurance, seen anything as preposterous as this. I could understand an increase of 10-20% or even more depending on the circumstances however an increase of 60% indicates to me the company has made bad business decisions and is unstable. Therefore I am looking elsewhere for coverage.
What they should have done if they desperately needed such a boost in revenue was grandfather the existing policy holders and increase premiums on any new policies they write. Or, increase premiums on a graduating scale inversely proportional to and based on the tenure of the policyholder. That is to say, the older the policy the less the increase. No matter what they could have come up with a way to lessen the burden on seniors which is the whole purpose of LTC policies in the first place. These policies in NY boast a NY state partnership with certain LTC carriers such as Genworth in which either the state subsidizes the cost of the policies in lieu of carrying the larger burden and cost of nursing home care. At least, this is what they would have like you to believe so they can sell more policies, and, as I was made to understand.
I later found out this is not true. They do provide for a personal tax deduction of the premiums. Interestingly, the whole idea of a 60% increase may accomplish precisely the opposite of what Genwroth anticipates since, I, like many other people are struggling to pay the existing high premiums and may be forced to drop the policies. Many people will undoubtedly not be able to maintain the burden and have to seek other alternatives. If Genworth made such bad decisions and can't afford to pay their claims, which I suspect is the reason for such an outlandish and what in my opinion is bordering criminal act, then there should be some regulatory agency that should investigate both the lawfulness of their business activities namely the credibility and legality of the increases and then consider a class action suit against the company for unethical and unfair and immoral and deceitful business practices.
I don't think anyone would have signed on with Genworth had they known of a potential increase of 60%. In addition, this may not be the last increase. One thing for certain I am going to spearhead an all-out, no holds barred campaign to discredit Genworth in such a way they will never be able to sell another LTC policy and may even end up having to make amends for the damages and heartache they have already caused for so many peoples and, negatively affected so many lives. As for now I will be shopping around for LTC coverage with another carrier. Genworth you should hang your head in shame!!! What kind of idiots do you have running your company that could not foresee this happening and make the necessary adjustments? Insurance can be a very profitable business in general and five year old could have managed this situation better. Idiots!! The lot of you!!!
In 1989 my mother purchased a 75000 policy on me for 25.00 a month. The surrender value kept going up but never exceeded $4000. Three months ago she received a letter saying that the policy was going up to over 200 a month. It seems that the month rate kept going up prior to this but they took it out of the cash value. So now the value is $54.12.
I personally called them and cancelled the policy. Filled out the paperwork and faxed it to them as requested. Since then I get two letters every month. One says your check is in the mail for $54.12 and the other says we owe 280.00. I called them again and they stated they never got my faxes which is untrue because the person I talked to said she received them and so did my fax machine. So now we have paid in over $9000.00 with absolutely no benefit. I firmly believe that this company is a fraud and should be investigated. No telling how many people have been taken by this company.
We received a letter in the mail from Genworth Long Term Care insurance that there is a change in our policy. They want to raise our long term care insurance by 60% next month. They say that their decision is not based on age, health, claims history or any other characteristic or current economic environment. Their decision to increase is based on the fact that expect claims over the life of our policy are higher today than was anticipate when our policy was originally price. As a result rate increase is warranted. This is totally unacceptable. We are looking elsewhere for LTC insurance. We want others who have their insurance with this company to be aware of the increase.
My Parents had to move into assisted living in Dec. last year. Years before they had purchased a LTC policy (at my urging, I had purchased LTC for my wife and myself also). The move for my parents came unexpected and was made quickly when they applied for their LTC. I understand it takes time to process new claims and All the people I have dealt with at Genworth have been very nice, but nice doesn't pay the bills. After more than a hundred days they finally started to receive benefits, but not before being subjected to endless roadblocks and what is beginning to seem like senior harassment. Both parents are in their Nineties and need help to manage daily life.
The assessment reviews requested by Genworth and conducted by third party private assessors are a joke. I have sat through many of these and watched in pain as my parents struggle to maintain their pride and dignity while trying to answer the questions. This all boils down to a 10-20 minute interview/assessment that affects their lives and Genworth's obligations to pay them what they bought in good faith and have invested in for years. Well GW finally got an assessment that favored them, Dad no longer qualifies (under the small print) for LTC. Even with the LTC payments it takes all of my wife's and my SS each month to pay their bills (meds, Dr.'s. etc.).
I was living in Texas and retired from teaching, Texas Teacher Retirement. The district would always pay my premiums through my check. When I retired I sold my home and moved to Kansas to be closer to my aging parents. I had several addresses. I figured they would call me when they needed to continue my account and ask me what I wanted to do. I finally received mail and they said I would have to pay 3 months at a time which was most of my retirement check. Needless to say my premium lapsed 30 days (which is not time at all) and they cancelled me.
I just got a letter today asking me to turn in a paper with a name to remind me if my payment was overdue. So, I called them and the rep said I was cancelled. I said don't they take into effect when a person moves several times and retires. And they don't tell you, you are expected to pay ahead 3 months. She didn't say much not even "I'm sorry". So, I'm out many years of premiums and no long term care insurance. Not Happy.
Just received my Long Term Care premium for next year and it increase of 19%. I have been with GE LTC for 17 years. Looking at my 1998 contract GE says they have "Premium Stability and are proud to tell you that since 1974, we've not raised our premiums for any long term care policyholders." Healthcare costs are astounding. LTC companies just want your premium to continually go up until insures ability to pay becomes unsustainable and they drop out. Our government needs to get control of this cartel.
We have been paying into our Long Term Care with Genworth for over 10 years. We have put in $40,000. How dare they triple our payments. We were told there would not be a large increase. I agree that we all need to look into a class action lawsuit.
My wife and I each bought a long term care policy from Genworth 9 years ago. In July 2015, we were informed our premiums will increase 60% effective September 2015. The alternatives they offered to reduce the amount of increase would result in material and unacceptable benefit reductions, e.g.: reduce the maximum benefit period from "life" to 4 years. I feel the magnitude of the increase is unconscionable. I also feel the New York State Insurance Department which allowed the 60% increase has failed to protect the consumer.
We purchased long term care Genworth policies and paid for 8 years. My husband needed hospice care at home after a stroke for four days before he died. Genworth jerked me around for months, requiring extensive paperwork (the "long term care plan" - one does not have a "long term care plan" for a person who has only a few days to live; detailed invoices from the self-employed home aide; proof of submission to other insurance) and only paid out $360 total. It is seven months later and I still cannot get reimbursement for the doctor that they required to "supervise" the hospice workers. Genworth will do anything they can to avoid paying out on claims.
I bought a LTC policy from GE Financial in 2004 and have always paid my premiums on time, first to GE and then to Genworth.. Last month I was notified that my premium would be increased by 60%, but since Genworth Life, a very CARING company, recognizes that this may be a hardship especially for people on fixed income, they graciously offered their policy holders 3 options. All of these would substantially reduce the benefits I had contracted for and are unacceptable. As option #4 they should offer to supply everybody over the age of 80 with a cyanide capsule. Wouldn't that solve their problem so they could show big enough profits for their shareholders and company executives? Why doesn't Genworth at least offer to return the money that they collected from me over the years? This way I could invest it and have a chance to take care of myself the best I can.
Why should I trust them that if I chose option #3 they would still have that money available to pay for my care until there is no money left? How difficult would they make it to pay a claim? I bought LTC to have peace of mind and to avoid being a burden to my children or the US taxpayer but at this point I have no trust in this company and probably will not be easily be convinced to ever buy LTC again. Genworth should take the word CARE out of their policies and so should our government agencies that approved these increases.
I do not recommend anyone buying Genworth ins. My wife and I both took out policies years ago. 18 months ago my wife suffered a stroke. Genworth has turned into complete jerks when it comes to paying claims. They are not worth the effort. I am looking into dropping my policy and switching to another. DO NOT BUY!!!
This is the third year Genworth has failed in a timely manner to issue an annual billing statement. During the past two years I have had to call them and ask why I didn't receive a bill. I never received an intelligent answer. But, a bill showed up shortly thereafter. This year it is the same thing all over. My policy expires on July 26, 2015 and I have not received a bill yet. This could be a scam to cause the policy holder to not pay on a timely basis and have the policy cancelled for non-payment.
My parents purchased LTC insurance for my Mom 13 years ago. They have never filed a claim. Now they just got a notice that the premium is going up 39%. It is also very confusing that it says they "will not seek an additional rate increase on policy for at least 5 years from 05/02/2013". What am I missing... Wouldn't that be 3 years since we are already 2 years into that statement, or should they not be raising it until 2018, since that is 5 years from said date? So now what... Do you pay the 39% or drop the policy and let 13 years of payments go down the drain. It is very hard to deal with that kind of increase while on a fixed income.
They certainly aren't getting 39% increases in medicare and social security, and interest on their small pension and bank accounts is basically nonexistent. I realize that LTC is very expensive, but it seems that they are trying to price people out before they can use that policy. Wouldn't it make more sense to raise the rates for new customers? I suppose that would limit the number of people that would sign up. But if everyone drops their policies, Genworth won't make money either.
Genworth called back three days after I made my first claim call. But no one was on the line. "Hello? Hello?" My mute button wasn't on. I had received calls all morning. Genworth called back a second time. Same thing. No one on the line. So I called Genworth back. After a six minute hold, "Sorry no one is available to take your call. What number can we call you back." Total scam against existing customers who have paid THOUSANDS into policies and now when it's time to pay up, SILENCE.
Actually, it's pretty ingenious. You sell long term health care to people who don't want to be a financial burden on their children. You don't require a secondary contact or anything of the sort. Then, when the senior either can't afford the new rates, or worse (in our case) they lapse on their insurance because dementia has set in, then the money they have sent in is lost. We called and were told "we are not required to insist on a secondary contact", and when I finally took over managing my mother's accounts (as we could no longer ignore the quirks, which she was very good at hiding), I found out she had long term care, paid thousands of dollars in premiums, lapsed on payments, and a year later, when I finally took over, it was too late to restore the insurance. Simply incredible.
I applied for a Genworth Joint LT care policy right before their stock crashed and was denied coverage but Genworth kept my wife's premium. I've written letters to no avail. All I want is our premium back but I guess their cash reserves are too important.
I sold this policy when it was under the guise of General Electric some ten years ago. At that time we were told that the premium would never go up, that we were to pressure our customers by telling them to buy now before there was a change in their health. Needless, GE lost money with the policy and spun it off to Genworth. IF it hadn't been stressed that the premium wouldn't go up then I wouldn't be mad. Yes, the policy might say it would rise for everyone if it happened yet it wasn't really meant to be highlighted in conversations with customers. I'm sure if GE can deceive customers like they had us do selling this policy, then they aren't afraid to deceive customers in other ways.
G.E. L.T.C. was totally misrepresented when I bought it. It was the best most affordable at the time compared to the competition. It touted superior coverage and a low or no rate increase history. None of that has proven to be true. Recently I was informed that there will be a 78% increase in premiums over the next three years. This on the heels of previous premium increases. I have owned L.T.C. For 14 years. My premiums for my wife and myself have tripled over the past 14 years to an unaffordable level. I believe that G.E. has adopted a pricing policy that will drive out older less able to pay policy holders for the profitable benefits of insuring younger policy holders who may be years away from claiming L.T.C. benefits.
In my opinion G.E. will repeat the process over again as their younger policy holders grow older and are less able to sustain the premium increases. The various state departments of insurance consist of capitalists lobbied by the likes of G.E. to allow premium increases which are unaffordable to aging senior policy holders. G.E. L.T.C. is not about L.T.C. It is about the profitability of the corporation and the stock holders, the policy holders be damned.
Tell me how to initiate a class action suit on behalf of the G.E. L..T.C. policy holders or how I can join the L.T.C. Suit and what law firm is filing the suite. G.E. L.T.C. is vulnerable. Without policy holders G.E. L.T.C. is a mere nothing. When the policy holders band together we can break the backs of the fat cats. Right now they are raping us. Please do not look to the state insurance departments to apply fair and equitable premium pricing policies. They are in bed with G.E. How else would you get a 78% premium increase approved? Powerful corporations, run by powerful people exercising their influence on the state agencies. Follow the money!! How can I help? As a group we can beat them. G.E. L.T.C. employees have their fat cushy jobs because of us, their policy holders.
Dr. William **, who incidentally was featured in Genworth's 2007 Annual Report, died on July 31, 2014 of cancer. In between his 3 rounds chemo treatments (which were each 5 days of intensive inpatient chemo) he contacted Genworth about getting someone to come to his apartment to assist him with everyday duties. The person on the phone was curt and the qualifying question was "CAN YOU DRESS YOURSELF?" When he answered "yes" to this question, that was basically the end of the conversation. As long as he could dress himself he did not qualify for long term care. I was infuriated that he would accept that for an answer and not insist go any further. Living alone in an apartment in Center City Philadelphia he had no one nearby to assist him on a daily basis and certainly any emergency would require 911 intervention, but that was not a consideration in Genworth's decision. Anyone thinking about Genworth - THINK AGAIN and ASK QUESTIONS BEFORE SIGNING ANYTHING.
In March 2014 I naively filled out a "request for information" for Genworth LTC. Two months later I received a call (I had forgotten I had even done this) from an agent 90+ miles away telling me how much I needed this policy and that the one I really wanted was ending so I had better hurry. From that moment on it was a series of unwanted and rambling calls telling me to fax forms & medical information to an incorrect number she gave me. My wife was declined followed by another set of calls saying she could fix his and get her covered. So another series of unnecessary doctor's visits (to correct weight information?? the nurse for the required insurance exam had no scale) and after jumping through all those hoops we received a denial to the appeal dated days before we sent all of the medical files; they couldn't have even read it.
And then she called again wanting us to do more visits (she told my wife to put rocks in her pockets to make sure her weight was enough) and asking for more and more information. This has been an ordeal from start to finish and she acted like I was working for her, she did not respect my privacy (calling me repeatedly at work with a list of things to do... immediately) and behaved unprofessionally on the phone screaming at her grandchild while we were trying to complete a conversation. I decided I want no part of her, and if she represented Genworth I want no part of them either. I also found it impossible to find a regional manager to complain to. Genworth lists no names anywhere on their site... just a generic 800 number. We considered it a blessing in disguise that we did not get covered.
My mom passed away almost 2 years ago. She managed the bills, and now we've stepped in to help our father. I called Genworth a year ago to try and understand the bill he got. Though I didn't fully understand it, I thought it must make sense somehow and he paid that bill and subsequent bills. Now he gets a GRACE NOTICE he must pay by 16 Nov 14 or lose the money he's put into it. I called twice today trying to understand how they do the billing. The second time I asked them to pretend I don't know how this works. I had some very precise questions to ask and could not get a straight answer. For instance, I asked IF he pays the GRACE NOTICE AMT of $650, then pay Jan, May, Sept when he gets his quarterly statement for $300.00 ($200 LESS than the amount he should be paying?) when will he get the bill for the difference, that being the GRACE NOTICE? Without skipping a beat she said "He won't get a notice." "What??" I asked again and she thought her answer made sense. I'm so confused. At the time I was thinking that she doesn't seem to care if he keeps the policy and is in fact encouraging him to not pay the policy. So many time she said "the policy will go up".
Genworth Long Term Care Company Information
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- 6620 W Broad St
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- United States
- (888) 436-9678