Genworth Financial has operated as a life insurance company for over 145 years. The company formerly sold several types of annuities and life insurance products, but now focuses on offering long-term care insurance and mortgage insurance.
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 were suspended in 2016 in an effort to reverse the financial losses the company had sustained.
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 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.
Though Genworth no longer sells annuities, the company offers a range of resources relating to care funding, care services and homeownership.
- Long-term care planning
- Long-term care insurance
- Care coordination advocacy
- Mortgage insurance
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8 Cited Research Articles
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- 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