Genworth Insurance Review 2024

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Written by Georgia Rose
Lead Writer
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Edited by Katia Iervasi
Assistant Assigning Editor
 
Fact Checked

Genworth Financial Inc. offers long-term care insurance and mortgage insurance. Genworth announced that it was suspending sales of life insurance as part of a restructuring effort in 2016.

» MORE: Best life insurance companies

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Genworth long-term care insurance

The company remains a major provider of long-term care insurance, which helps pay for assistance with routine daily activities at home or in nursing homes, adult day care centers and assisted living facilities.

Genworth produces an annual study of long-term care, which examines the median cost of services in various settings. The study provides national and state-by-state data, which can help with financial planning for long-term care.

» MORE: Ordering the combo: Life insurance with long-term care benefits

More about Genworth insurance

Genworth directs homeowners to purchase private mortgage insurance via Enact, a partner company. Sold through lenders, private mortgage insurance enables borrowers to qualify for home mortgages when they have down payments of less than 20%. The insurance protects the lender in case the borrower defaults on the loan. Borrowers pay for the insurance as part of their closing costs or monthly mortgage payments.

» MORE: What is mortgage protection insurance?

Methodology

Life insurance ratings methodology

NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.

These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.

Insurer complaints methodology

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2020-2022. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.

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