Policy Benefits and Flexibility:  

Compared to other providers Genworth Financial sticks to tried and true life insurance policies. Genworth’s life insurance policies can be divided into term and universal plans. Genworth term life insurance policies are available in 10, 15, 20 and 30 year blocks. Term life insurance is ideal as a protection against unexpected death—premiums are low and family members are entitled to a predesignated payout upon death of the policy holder. The major disadvantage to Genworth’s term life insurance is the simple fact that when your term of coverage expires, the policy has no cash value. Term life insurance is very inflexible on premiums as well—if you miss a payment or make a partial payment you are not covered until you pay your outstanding balance.

Term life insurance is ideal as a defense against catastrophes. Universal insurance however, is much more flexible in that it doubles as a life insurance program and a financial investment. There’s also the matter of flexibility—universal life insurance doesn’t lapse the moment you miss a payment. Genworth’s universal life insurance policy allows holders to withdraw or borrow against the policy’s cash value. It goes without saying that any money borrowed against the policy diminishes the death benefits family members can expect. The more money invested in a universal life insurance policy, the more cash value it has and the larger payout for beneficiaries will be. Keep in mind that premiums are substantially more costly for universal coverage than they are for term life insurance.

Additional Services:  

Genworth Financial doesn’t offer the same wide array of services some of the giant banks do. But given that quantity doesn’t always outshine quality, we’re impressed with what Genworth does offer: namely, their coupling of universal life insurance with coverage for long term health care. Medical bills can effectively negate the payouts of a life insurance policy. Genworth’s long term care insurance fortifies a typical universal life insurance policy making it look that much more appealing.

Customer Support:  

Genworth offers effective phone support compared to some of the larger providers. When we contacted Genworth customer support, we never spent more than two or three minutes trapped in hold-limbo listening to elevator music. Their staff had all of our information at their fingertips so we weren't transferred from department to department as is often the case with large organizations.

It’s entirely possible to find insurance providers with more estate management and small business options available. For the individual looking to secure the wellbeing of future generations however, Genworth offers some of the most sound insurance policies we’ve encountered. We would encourage any prospective insurance buyer to call a Genworth representative for a policy quote.

For more on leading life insurance providers be sure read reviews of our top three products: Metlife, ING and State Farm Insurance.

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