Genworth Life and Annuity Insurance Company, Virginia: Overview, Contacts, Services, Partnerships and Affiliates, Financial Aspects, Customer Reviews, Claim

How Genworth Life and Annuity Insurance Company Can Help You Secure Your Future

If you are looking for a reliable and reputable insurance company that offers a range of products and services to meet your financial needs, you may want to consider Genworth Life and Annuity Insurance Company, Virginia. This company has been in the insurance industry for over 150 years and has a proven track record of providing quality solutions for long-term care, life insurance, and annuities.

 

What is Genworth Life and Annuity Insurance Company?

Genworth Life and Annuity Insurance Company, Virginia, is a subsidiary of Genworth Financial, Inc., a Fortune 500 company that provides financial security and protection to millions of customers worldwide. The company is headquartered in Richmond, Virginia, and operates in all 50 states and the District of Columbia. The company is licensed to sell insurance products in New York under the name Genworth Life Insurance Company of New York.

The company’s mission is to empower families to navigate the aging journey with confidence. The company offers a range of products and services, including long-term care insurance, life insurance, annuities, mortgage insurance, and care coordination services. The company also conducts research and provides education on the costs and trends of long-term care in the United States.

 

What are the company details?

Genworth Life and Annuity Insurance Company, Virginia, traces its roots back to 1871, when it was founded as The Life Insurance Company of Virginia. Furthermore, the company has undergone several mergers and acquisitions over the years, and became part of Genworth Financial, Inc. in 2004. The company’s current CEO and president is Thomas J. McInerney, who joined the company in 2013.

The company is one of the leading providers of long-term care insurance in the United States, with over 1.2 million policyholders and over $13 billion in claims paid as of 2020. The company also offers a variety of life insurance products, such as term life, universal life, indexed universal life, and variable universal life. The company’s annuity products include fixed annuities, indexed annuities, and variable annuities.

Genworth Life and Annuity Insurance Company
Photo Courtesy: itallcometothis.blogspot.com

 

Additionally, the company has a market share of 8.4% in the long-term care insurance market, 0.6% in the life insurance market, and 0.4% in the annuity market, as of 2019. The company has a total of 3,000 employees and 5,000 agents across the country.

 

What are the partnerships and affiliates?

Genworth Life and Annuity Insurance Company, Virginia, has partnered with various businesses and organizations to provide better products and services to its customers. Some of the company’s partners and affiliates are:

CareScout: A company that helps older adults and their families find quality care and coordinate care services. CareScout also operates the CareScout Quality Network, a group of long-term care providers that are committed to delivering person-centered care.

AARP: A nonprofit organization that advocates for the interests and well-being of older Americans. Genworth Life and Annuity Insurance Company, Virginia, is the exclusive provider of long-term care insurance for AARP members.

USAA: A financial services company that serves the military community and their families. Genworth Life and Annuity Insurance Company, Virginia, offers life insurance and annuities to USAA members.

Fidelity Investments: A financial services company that offers investment and retirement planning solutions. Genworth Life and Annuity Insurance Company, Virginia, offers annuities to Fidelity customers.

Costco: A retail giant that offers a wide range of products and services to its members. Genworth Life and Annuity Insurance Company, Virginia, offers term life insurance to Costco members at a discounted rate.

What services does it offer?

Genworth Life and Annuity Insurance Company, Virginia, offers a range of products and services to help its customers protect their income, assets, and family. The company’s main services are:

Long-term care insurance: A type of insurance that covers the cost of care services for people who need assistance with daily living activities, such as bathing, dressing, eating, or transferring.

Long-term care insurance can help pay for care at home, in an assisted living facility, in a nursing home, or in an adult day care center. Furthermore, the company offers several plans and options to suit different needs and budgets, such as traditional plans, partnership plans, group plans, and hybrid plans.

Life insurance: A type of insurance that pays a lump sum of money to the beneficiaries of the policyholder upon their death. Life insurance can also help provide financial security and peace of mind for the loved ones of the policyholder.

The company offers various types of life insurance, such as term life, universal life, indexed universal life, and variable universal life. Additionally, the company also offers riders and benefits that can enhance the coverage and value of the policy, such as accelerated death benefit, waiver of premium, accidental death benefit, and chronic illness benefit.

Annuities: A type of investment product that provides a stream of income for a specified period of time or for life. Annuities can help supplement retirement income and provide tax-deferred growth. The company also offers different types of annuities, such as fixed annuities, indexed annuities, and variable annuities. The company also offers features and options that can customize the annuity to the needs and goals of the customer, such as income riders, death benefit options, withdrawal options, and bonus credits.

How can you contact them?

GuideOne Specialty Insurance is a leading provider of insurance solutions for various sectors of the society, such as religious organizations, nonprofit and human services organizations, educational institutions, small businesses and more. GuideOne Specialty Insurance aims to protect the people who strengthen your community by offering them comprehensive coverage and excellent customer service.

You can contact GuideOne Specialty Insurance by phone at 888-436-9678 or by fax at 800-456-8329. Their address is 6620 West Broad Street, Richmond, VA 23230. Their operating hours are Monday to Thursday from 8:30 AM to 6 PM ET and Friday from 9 AM to 6 PM ET.

 

What are their financial details?

Genworth Life and Annuity Insurance Company, Virginia, has a strong financial position and performance. The company’s financial details are:

Premium costs: The premium costs of the company’s products vary depending on the type, amount, and duration of coverage, as well as the age, health, and lifestyle of the customer. The company offers competitive and affordable rates for its products, and also provides discounts and incentives for certain customers, such as couples, preferred health, multi-policy, and loyalty discounts.

Payment options: The company offers flexible and convenient payment options for its customers, such as monthly, quarterly, semi-annual, or annual payments, automatic bank draft, credit card, or electronic funds transfer. The company also allows customers to change their payment frequency or method at any time without any fees or penalties.

Genworth Life and Annuity Insurance Company
Photo Courtesy: lifeinsuranceblog.net

 

Discount and promotional offers: The company offers various discount and promotional offers for its products, such as:

Long-term care insurance: The company offers a 5% discount for AARP members, a 10% discount for couples, a 15% discount for preferred health, a 5% discount for multi-policy, and a 5% discount for loyalty.

Life insurance: The company offers a 10% discount for Costco members, a 10% discount for USAA members, a 10% discount for multi-policy, and a 5% discount for loyalty.

Annuities: The company offers a 1% bonus credit for Fidelity customers, a 1% bonus credit for USAA members, and a 1% bonus credit for loyalty.

Why choose them, what’s so unique about them?

There are many reasons to choose Genworth Life and Annuity Insurance Company, Virginia, as your insurance provider. Some of the unique features and benefits of the company are:

 

Experience and expertise

The company has over 150 years of experience and expertise in the insurance industry, and has a proven track record of providing quality solutions for long-term care, life insurance, and annuities. The company has a deep understanding of the needs and challenges of its customers, and strives to deliver innovative and customized products and services to meet them.

Customer service and support

The company has a dedicated and professional customer service and support team that is available to assist and guide its customers throughout their journey. Additionally, the company offers online tools and resources, such as MyGenworth, Coverage Needs Estimator, Cost of Care Survey, and Claim Status Tracker, to help customers manage their policies, plan for their future, and file and track their claims. The company also provides education and awareness programs, such as Genworth Academy, to help customers learn more about the products and services that the company offers.

Quality and value

The company offers high-quality and high-value products and services that are designed to protect and enhance the financial well-being of its customers. The company offers competitive and affordable rates, flexible and convenient payment options, and various discounts and incentives for its products.

 

What are the customer experiences?

Genworth Life and Annuity Insurance Company, Virginia, has received positive feedback and reviews from its customers. The company has a rating of 4.1 out of 5 stars on Trustpilot, based on 1,081 reviews.

Some of the customer testimonials are:

“I have been a customer of Genworth for over 20 years and have always been satisfied with their service and products. They have been very helpful and responsive whenever I had a question or a claim. I would highly recommend them to anyone looking for long-term care insurance.”

“Genworth has been a great company to work with. They have provided me with a life insurance policy that meets my needs and budget. They have also been very flexible and accommodating when I needed to make changes to my policy. Additionally, they have a friendly and knowledgeable staff that is always ready to assist me.”

“I have been very happy with my annuity from Genworth. It has given me a steady and reliable income for my retirement. I like that I can choose from different options and features to customize my annuity to my goals. I also appreciate that Genworth has a strong financial rating and reputation in the industry.”

What are the financial strengths?

Genworth Life and Annuity Insurance Company, Virginia, has a strong financial rating and reputation in the industry. The company has been rated by various independent rating agencies, such as A.M. Best, Standard & Poor’s, Moody’s, and Fitch. The company’s current ratings are:

  • A.M. Best: B++ (Good)
  • Standard & Poor’s: BBB- (Good)
  • Moody’s: Baa3 (Medium Grade)
  • Fitch: BBB- (Good)

These ratings indicate that the company has a good ability to meet its financial obligations and claims, and that it has a stable outlook for the future.

 

How does their claim process work?

Genworth Life and Annuity Insurance Company, Virginia, has a simple and straightforward claim process for its customers. The company aims to provide fast and fair claim settlements and to support its customers throughout the process. The company’s claim process consists of the following steps:

First, notify the company of the claim. The customer or their representative can contact the company by phone, email, fax, or mail to report the claim. The company will then send a claim kit that contains the necessary forms and instructions to complete the claim.

Next, submit the claim forms and documents. The customer or their representative can fill out the claim forms and provide the required documents, such as proof of loss, medical records, and policy information. Additionally, the customer or their representative can send the claim forms and documents by mail, fax, or email to the company.

Receive the claim decision. The company will review the claim forms and documents and verify the eligibility and coverage of the customer. The company will then notify the customer or their representative of the claim decision by phone, email, or mail.

Furthermore, If the claim is approved, the company will pay the claim according to the terms and conditions of the policy. However, If the claim is denied, the company will explain the reason for the denial and the appeal process.

 

How to renew your policy with Genworth Life and Annuity Insurance

To renew your policy with Genworth Life and Annuity Insurance Company, Virginia, you need to follow these steps:

First, log in to your online account on the company’s website here. If you do not have an online account, you can register for one here.

Next, go to the “Policy/Contract Information” section and select the policy that you want to renew. You can view the details and benefits of your policy, such as the coverage amount, premium amount, renewal date, and expiration date.

Additionally, If your policy is eligible for renewal, you will see a “Renew Now” button on the screen. Click on the button and follow the instructions to complete the renewal process. You will need to provide some information, such as your personal and payment details, and agree to the terms and conditions of the renewal.

Once you have completed the renewal process, you will therefore receive a confirmation email from the company. You can also view your renewed policy on your online account and download a copy of it.

 

Does Genworth Life and Annuity Insurance offer discounts for military personnel or veterans

To begin with, Genworth Life and Annuity Insurance Company, Virginia, does offer some discounts for military personnel or veterans. For example, the company offers a 10% discount for USAA members, who are eligible if they are active, retired, or honorably separated officers and enlisted personnel of the U.S. military.

Furthermore, the company also offers a 1% bonus credit for USAA members who purchase annuities from the company. Additionally, the company offers a waiver of surrender charge benefit for life insurance and annuity policyholders who are called to active duty for more than 30 days.

These discounts and benefits are therefore some of the ways that the company recognizes and supports the military community and their families.

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