Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jan 20, 2021

Advertiser Disclosure

It’s all about you. We want to help you make the right life insurance coverage choices.

Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.

Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from top life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.

Company Details
Address: 6620 West Broad Street
City: Richmond
State: Virginia
ZIP Code: 23230
Phone Number: 888-325-5433
Year Founded: 1871
AM Best Rating: B (fair)
Company Rating 0 (0 reviews)

Genworth Life Insurance at a Glance
Genworth Life Insurance SummaryDetails
Year Founded1871
Headquarters6620 W Broad St, Richmond, VA 23230
SpecialtyAffordable long term life Insurance and long term group insurance for companies
Direct Premiums Written$177 million
ServicesAll 50 U.S. states
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When we make plans for our future, we often overlook the importance of purchasing a term life insurance policy. Medical bills, funereal costs, among a plethora of other expenses, can become a major burden on your dependents after you’re hospitalized or die.

Purchasing affordable Genworth life insurance can help with these financial burdens and even provide a financially secure future for loved ones.

Genworth is not the only insurance company you can purchase a policy from. To buy life insurance, enter your ZIP code above to see other quotes from insurers near you.

It’s clear that buying life insurance is a good idea. It’s also a big decision you shouldn’t make lightly. So, let’s dig into the details a little more so you can make an informed decision that best serves your needs.

What is term life insurance?

Term life insurance policies are commonly purchased by individuals. It covers everything the average person requires and is the easiest to manage and navigate. Still, term life insurance may seem confusing. Let’s break down the general rates based on age and gender.

Average Monthly 20-Year Term Life Insurance Rates by Age, Gender, and Coverage Value
Age and Gender$250,000 Policy Average Monthly Life Insurance Rates$500,000 Policy Average Monthly Life Insurance Rates$750,000 Policy Average Monthly Life Insurance Rates$1 Million Policy Average Monthly Life Insurance Rates$2 Million Policy Average Monthly Life Insurance Rates
20-Year-Old Male$18$29$40$47$86
20-Year-Old Female$15$22$30$35$64
25-Year-Old Male$17$28$39$46$86
25-Year-Old Female$15$22$30$35$65
30-Year-Old Male$18$29$40$47$89
30-Year-Old Female$15$23$31$37$69
35-Year-Old Male$19$31$44$52$99
35-Year-Old Female$17$26$36$43$79
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Smokers typically have to pay more and have shortened coverage based on their age. However, there still are affordable insurance rates offered to smokers – though the younger you are, the less you will pay and the more likely you will be approved.

Average Monthly Term Life Insurance Rates for Smokers
Age
$100,000/10-Year Average Monthly Rates
$100,000/20-Year Average Monthly Rates
$100,000/30-Year Average Monthly Rates
Smoker
Male
Female
Male
Female
Male
Female
25$18.57$15.93$22.53$17.78$35.02$28.95
30$19.80$16.28$24.46$19.62$39.86$33.35
35$21.47$16.90$27.28$22.09$49.02$39.86
40$26.93$22.79$38.90$30.27$69.78$57.99
45$36.26$31.68$55.53$42.06$111.67$85.27
50$52.98$41.89$84.13$60.54$153.65$115.54
55$78.23$56.58$126.54$88.70NANA
60$113.87$84.04$195.80$131.21NANA
65$173.36$117.83$299.64$209.97NANA
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Non-smokers can get the best deals when it comes to life insurance, because they are less of a risk and potentially live longer healthier lives.

Term Life Insurance Non-Smoker

Average Monthly Term Life Insurance Rates for Non-Smokers
Age
$100,000/10-year Average Monthly Rates
$100,000/20-year Average Monthly Rates
$100,000/30-year Average Monthly Rates
Non-Smoker
Male
Female
Male
Female
Male
Female
25$8.27$7.57$10.03$9.06$13.29$12.41
30$8.27$7.57$10.12$9.24$14.08$12.94
35$8.27$7.57$10.12$9.42$15.31$13.11
40$9.86$9.15$12.50$11.18$19.45$15.84
45$13.38$12.50$17.95$14.96$28.51$21.91
50$17.78$15.40$27.19$20.50$48.58$32.12
55$22.53$18.83$38.37$28.60$83.60$57.99
60$37.14$25.61$68.64$46.11NANA
65$59.93$37.93$113.61$72.07NANA
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Genworth life insurance is limited to long term coverage for individuals and groups. Currently, they don’t offer any other insurance products. Let’s have a closer examination of what its term life insurance policies offer.

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What types of life insurance does Genworth offer?

As of 2016, Genworth life insurance has only included two forms of policies: term and group life insurance. It will no longer – at least in the foreseeable future – provide other life insurance products.

Long-Term Care Insurance

Genworth states, “long-term care insurance is coverage that you purchase in the event that you are one of the overwhelming majority of people who will need some form of long-term care as they age. If you are unable to perform simple everyday tasks by yourself, like going to the bathroom, getting dressed, feeding yourself, or getting from place to place, you will need long term care services or support.”

Term life insurance is the most common insurance policy for individuals, and for good reason. It covers everything most people would need. It’s also the easiest of all life insurance policies to manage.

The cost of coverage depends on how much you need as well as where you live. But this is the case with all life insurance companies, so there’s nothing out of the ordinary here.

Group Long-Term Care Insurance

Genworth also offers Group Long-Term Care Insurance, which can be of great benefit to your employees. Like the common health, dental, and vision insurance provided by many companies, life insurance is also good to purchase. Normally, it costs a lot less than other benefits. Considering it pays out well – often better than other insurances – you should consider getting yourself a policy as soon as you can.

Genworth offers voluntary programs to employers with 500 or more employees. Employer-paid programs are available for groups with 150 or more employees.

Offering life insurance benefits is a good option for employers looking to take good care of employees. This is what makes Genworth’s long-term group insurance a deal worth your consideration.

Genworth Life Insurance Ratings and Reviews

Because Genworth has been around a long time, they have received a large amount of customer and professional reviews, as well as, ratings from the usual organizations (BBB, A.M. Best etc.).

Below is a breakdown of Genworth’s ratings.

  • A.M. Best: “B” (fair) rating
  • Affordability Index: 7.5
  • Ease of Applying: N/A – not selling new policies
  • Customer Service: 7.2
  • COMDEX Ranking: N/A
  • Standard and Poor’s (B-)
  • Moody’s (B)
  • Fitch (B)

Compared to a lot of other insurance companies, these ratings may not seem all that great. But keep in mind that Genworth has been operating since 1871. Therefore, they have accumulated more reviews and ratings compared than some younger companies.

Pros and Cons of Genworth

Let’s break down the pros and cons of Genworth life insurance.

Pros

  • Approval odds are higher compared to many competitors, with a reputation of less-strict underwriting protocols.
  • There are affordable insurance rates.
  • There are long-term coverage options.
  • Offers long term coverage to employees as a long-term group policy.

Cons

  • All products may not be available in your area.
  • Only offers two different term life insurance policies and nothing else.
  • By halting the sale of other insurance policies in 2016, Genworth faced financial hardship and was forced to sell the company to China Oceanwide Holdings Group.
  • Mediocre ratings and a lot of negative reviews – though Genworth is an old company.

There are pros and cons to working with every company. Genworth is indeed no exception to that reality.

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About the Company

Genworth was originally founded as The Life Insurance Company of Virginia and continued under that name for the first 100 years. Then it was bought by Combined Insurance, which one year, later became Aon plc.

In the early twentieth century, Genworth started offering other services besides life insurance. These included annuities, term life policies, endowment policies, mortgage insurance, and other long-term care plans.

Genworth has stayed true to its Virginia roots over the years by being based in Richmond.

Genworth life insurance boasts:

  • Over $16 billion in assets
  • $14 billion in liabilities
  • $1.4 billion in capital and surplus
  • A 109.43 percent asset to liability ratio

They currently serve insurance policies to all 50 states. Genworth also has offices in Raleigh, North Carolina, Lynchburg, Virginia, and Stamford, Connecticut.

How to Find Affordable Life Insurance Quotes

Since there are a variety of companies that offer life insurance and everyone’s lifestyles and financial needs are different, it’s a good idea to shop around for the best rates. Enter your information in the box below to discover affordable life insurance rates in your neck of the woods.