Shuman Roy is an entrepreneur, business owner, and musician. He started RoysNoys, LLC in 2013 as a music production and education service company. He also offers small business consulting and advisory services to help businesses get from start-up mode to turn-key operations. Shuman earned his M.B.A from the Stern School of Business in 2001 and has an undergraduate degree from Manhattan College in ...

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Content Writer & Entrepreneur Shuman Roy

Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...

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Reviewed by Joel Ohman
Founder, CFP® Joel Ohman

UPDATED: Jun 3, 2022

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The Truth in a Nutshell

  • Genworth Life and Annuity Insurance Company provides long-term car insurance and mortgage insurance
  • As of 2016, Genworth Financial Inc. doesn’t offer life insurance policies
  • Genworth long-term insurance policies have increased by 58 percent in the last few years

If you’re searching for Genworth life insurance, you may run into a few problems. Before 2016, it was possible to buy Genworth life insurance.

However, Genworth Financial Inc. has suspended its sale of life insurance products. But what about people who had a Genworth life insurance policy before 2016?

Our Genworth life insurance review explains everything you need to know about the North Carolina-based insurance company and how much life insurance costs.

Since it’s not likely that you’ll find Genworth life insurance quotes, use our free online quote tool to find quotes from the best companies in your area.

How much are Genworth life insurance rates?

Genworth has suspended its life insurance services. Therefore, new customers won’t find affordable Genworth life insurance. However, policyholders who have Genworth life insurance already will continue to make monthly payments.

Having a long-term care policy is really important. It can prevent the total depletion of retirement and other savings and provide the best care for a reduced price.

A long-term care insurance policy pays for services like at-home care medical assistants and nursing home care.

Check out the median cost of in-home care, assisted living, and nursing home costs per month.

National Monthly Median Costs of In-Home Care, Assisted Living, and Nursing Home Services
In-Home Care, Community & Assisted Living, and Nursing Home Facility SummariesNational Monthly Median Costs
Homemaker Services$4,481
Home Health Aide$4,576
Adult Day Health Care$1,603
Assisted Living Facility$4,300
Semi-Private Room$7,756
Private Room$8,821
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The national median cost is based on 44 hours of care from a medical professional or registered nurse. The cheapest rates available would be an assisted living community.

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What products can you buy from Genworth Life Insurance Company?

Anyone who wants a new policy from Genworth Life Insurance Company will only find Genworth long-term care insurance and mortgage insurance.

Genworth has life insurance in its name, but the company no longer sells life insurance policies or annuities.

How come? Genworth lost millions between 2013 and 2014. By 2016, Genworth Financial thought it would be better to stop the sale of any more life insurance and annuities.

What is Genworth mortgage insurance?

According to the company’s website, Genworth mortgage insurance can help you buy a home with a lower down payment by offering financial protection to lenders on your behalf in case of default.

With Genworth mortgage insurance, you may be able to purchase a home with a down payment as low as 3% instead of the standard 20% down payment usually required.

Private mortgage insurance doesn’t make homeownership more affordable — you’re still paying the same price for your home — but it can help you make your dream of homeownership come true a little by reducing the down payment.

Make sure to look closely at the details of any mortgage insurance policy you consider and discuss your options with a financial advisor.

How can I cancel a Genworth life insurance policy?

If you have a current life insurance policy with Genworth, contact Genworth customer service phone number at 1-888-436-9678. Let them know you want to cancel your life insurance policy or annuity.

Don’t count on using your Genworth login to cancel your life insurance. Most insurance companies won’t allow you to cancel a policy online.

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Is Genworth Life Insurance Company a good insurance provider?

According to an S&P Global headline, Genworth Financial is in trouble. The company hasn’t performed well with finances.

Bloomberg reported that A.M. Best backs up this claim. Genworth Life Insurance Company (GLIC) has a “C++” in financial strength and a “B” under A.M. Best’s credit rating.

Genworth has a 4-star rating at Consumer Affairs, and a 1.14 rating at the Better Business Bureau (BBB). It’s not an accredited BBB company, but its customer satisfaction ratings are better than its financial strength.

When was Genworth Life Insurance Company established?

Genworth started as the Life Insurance Company of Virginia in May 2004. It was established by several companies and showed great promise in acquiring insurance companies and their services.

The same year it was founded, Genworth became public under the New York Stock Exchange with GNW as the ticker symbol. By 2006, Genworth began a series of trades and acquired more customers.

However, Genworth Life Insurance Company’s investments lead to significant losses from 2013 to 2016, which is why the company stopped selling life insurance and annuity products.

Genworth Life Insurance: What’s the bottom line?

If you were looking for term life insurance or whole life insurance at Genworth, you won’t find it. This company no longer offers traditional life insurance products. We usually provide pros and cons for life insurance, but Genworth only offers long-term care coverage and mortgage insurance.

Since you won’t find life insurance with Genworth, enter your ZIP code in the free comparison tool below to compare multiple companies in your local area.