- Written By Jennifer Schell
Jennifer Schell is a professional writer focused on demystifying annuities and other financial topics including banking, financial advising and insurance. She is proud to be a member of the National Association for Fixed Annuities (NAFA) as well as the National Association of Insurance and Financial Advisors (NAIFA).Read More
- Edited BySavannah Hanson
Senior Financial Editor
Savannah Hanson is an accomplished writer, editor and content marketer. She joined Annuity.org as a financial editor in 2021 and uses her passion for educating readers on complex topics to guide visitors toward the path of financial literacy.Read More
- Financially Reviewed ByTimothy Li, MBA
Timothy Li, MBA
Business Finance Manager
Timothy Li, MBA, has dedicated his career to increasing profitability for his clients, including Fortune 500 companies. Timothy currently serves as a business finance manager where he researches ways to increase profitability within the supply chain, logistics and sales departments.Read More
- Updated: January 17, 2023
- 3 min read time
- This page features 8 Cited Research Articles
About Genworth Financial
Established over 145 years ago, Genworth Financial is a Fortune 500 company selling a range of insurance products. The company is perhaps best known for being one of the first companies to sell long-term care insurance.
Today, Genworth primarily offers long-term care insurance and mortgage insurance. Genworth once sold life insurance products and several types of annuities, but sales of these products have been suspended since 2016, originally in an effort to reverse the financial losses the company had sustained.If you have questions about your Genworth annuity policy, you can contact them at one of the following numbers (depending on the type of annuity you own):
For fixed annuities: 800-221-9501
For immediate annuities: 888-322-4629
For variable annuities: 800-352-9910
Annuity providers receive credit ratings, also called financial strength ratings, to demonstrate their overall financial stability. Because the ratings are issued by independent credit rating agencies, consumers can feel confident that the scores given are accurate and unbiased.
Genworth Life and Annuity Insurance Company, the branch of Genworth Financial that handled their annuity business, received ratings from two of the major credit rating agencies, AM Best and Fitch.Genworth Financial Credit Ratings
Credit Agency Rating AM Best B Fitch B
Genworth Financial Annuities
Genworth previously sold a variety of annuity products. The company offered both deferred and immediate annuities. Immediate annuities convert a lump sum of savings into a stream of income as soon as the annuity is purchased. Deferred annuities also pay out an income stream based on an initial purchase payment, but this type of annuity requires an accumulation period before the annuitant can start receiving payments.
The two types of deferred annuities once sold by Genworth were fixed and variable annuities. Fixed annuities accumulate interest at a fixed rate for the entire maturity period of the annuity. These products are considered to be the simplest and most reliable annuities and often have the lowest fees.
Genworth also sold variable annuities. This type of annuity offers tax-deferred growth on a lump sum until it is converted into income payments. When the annuity is purchased, the funds are invested in a portfolio of securities, including mutual funds, stocks and bonds, so that the initial amount may grow with the equity market over time.
Genworth Life and Annuity Insurance Company currently only issues one variable annuity product, limited to specific plan rollovers. MyClearCourse® is a flexible purchase payment variable deferred annuity. This means that the payment to fund the annuity can be made in multiple installments, rather than one lump sum payment. The annuity is variable, meaning its value fluctuates with the value of its investment portfolio.Interested in Buying an Annuity?Learn about the different types of annuities and find out which one is right for you.
Though Genworth no longer sells annuities, the company offers a range of resources relating to care funding, care services and homeownership.Services provided by Genworth include:
If you have an annuity with Genworth Financial, you can log into your account at:
- Long-term care planning
- Long-term care insurance
- Care coordination advocacy
- Mortgage insurance
Annuity.org has provided reliable, accurate and trustworthy financial information to readers since 2013. We partner with professionals like those from Senior Market Sales (SMS), a market leader with over 30 years of experience in the insurance industry, to offer personalized retirement solutions for consumers across the country.
Any information offered about the company above is provided free of charge and individual product offerings are verified and accurate as of publication.
Our partners work with each of the provider companies mentioned on our site. However, Annuity.org is not a service provider. Actual products, terms and rates offered through the above company are subject to in-state availability and a variety of other factors. Visit the Our Partners page for additional information.Please seek the advice of a qualified professional before making financial decisions.Last Modified: January 17, 2023
8 Cited Research Articles
Annuity.org writers adhere to strict sourcing guidelines and use only credible sources of information, including authoritative financial publications, academic organizations, peer-reviewed journals, highly regarded nonprofit organizations, government reports, court records and interviews with qualified experts. You can read more about our commitment to accuracy, fairness and transparency in our editorial guidelines.
- Fitch Ratings. (2021, April 16). Fitch Affirms and Withdraws Genworth Life Companies’ Ratings. Retrieved from https://www.fitchratings.com/research/insurance/fitch-affirms-withdraws-genworth-life-companies-ratings-16-04-2021
- Genworth Financial. (2022, March 31). MyClearCourse® Performance Report. Retrieved from https://pro.genworth.com/riiproweb/productinfo/pdf/41043.pdf
- Genworth Financial. (2021, September 30). Company Ratings. Retrieved from https://www.genworth.com/about-us/leading-the-industry/ratings.html
- Genworth Financial. (2021, February 12). Products. Retrieved from https://www.genworth.com/products.html
- Genworth Financial. (2021, February 8). Annuity Forms. Retrieved from https://www.genworth.com/customer-service/forms-and-documents/annuity-forms.html
- Genworth Financial. (2020, July 17). About Us. Retrieved from https://www.genworth.com/about-us.html
- Genworth Financial. (2019, February 25). Customer Service Contacts. Retrieved from https://www.genworth.com/delta/customer-service/contacts.html
- Tuohy, C. (2016, February 5). Genworth Stops Life, Annuity Sales, May Split. Retrieved from https://insurancenewsnet.com/innarticle/genworth-suspends-life-and-fixed-annuity-sales
- Edited By
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If you're interested in buying an annuity, a representative will provide you with a free, no-obligation quote.
SMS is committed to excellent customer service. The company can help you find the right insurance agent for your unique financial objectives.877-918-7024