Genworth

3 reviews & complaints.

Most Popular | Newest | More Options >
More filter options:
Genworth Life: Incompetent And Unethical
Posted by on
I wish I had done online research before applying for a life insurance policy with Genworth Life! They debited my bank account for two months premium payments in advance of the agreed upon date which was to be a month later, and they did this before telling me the results of their lengthy and incompetently administered medical tests and before telling me if I had been approved for their policy. They also gave me a 40 minute interrogation and called three times after that to ask me to submit to a 40 minute interview, which I had already done; they called TEN times to ask for my driver's license information after I had repeatedly told them that I don't drive!!! I have ordered my bank to stop payment on any further requests from this incompetent and unethical company. The reason I applied for a policy is that they offer the lowest premium and highest coverage for a man of my age; some things really are too good to be true, as I will never deal with a company such as this. How would I know if they would ever pay off after my demise? I already have two smaller policies with Northwestern Mutual Life and NY Life, both wonderful and competent companies, and was looking to boost the value of my estate; I will look elsewhere.
     
Read 1 RepliesAdd reply
User Replies:
ajm on 01/14/2014:
my mother bought along term health policy when she was 74. she paid in 27000 until she was 98. at that point she need ed money to pay for in home care. Genworth required a professional evaluation before giving her ,her own money/ then they wanted duplicate copies of bills and payments before giving her any money. they gave her 30.00 aday and were slow in payments. then they wanted 2400.00 a year to do paperwork. when she died she had 2200.00 left in her account which they did not refund. if she had not received health care she would have lost the whole amount. the point is she put in 27000 and got no interest on her investment got charged highrates. and no refund in the end for bad service a complete rip off. the government and Genworth are frauds for these policies
Close commentsAdd reply
Stay away from Genworth ! The worst insurance company I ever dealt with
Posted by on
Genworth is one of the worst insurance companies I ever had to deal with. Their employees are incompetent. They tell you they will do something and then they do something else. It takes them forever to get you accepted BUT they cash the check you HAD to write to them for two-months premiums, BEFORE they tell you whether you're accepted or not. They tell you that your monthly withdrawal will take place every month on a particular day but they keep changing the day they withdraw the money from your account WITHOUT THE COURTESY TO INFORM YOU PRIOR TO DOING IT. You ask them to do something and they do something else. I cancelled my policy with them. I am going back to Mutual of Omaha. I never had a problem with them....
     
Read 7 RepliesAdd reply
User Replies:
saj80 on 09/18/2009:
I've had Genworth for several years, and never had a problem. Payments come out on the exact same day every month, so I'm disappointed to find out you are having difficulty with them.
Anonymous on 09/18/2009:
You do realize that your issue is not with the insurance company but with your policy holder right? Genworth is a broker. As is Mutual of Omaha.
saj80 on 09/18/2009:
LadyScot, you are wrong. My life insurance policy was issued by Genworth.
Anonymous on 09/18/2009:
Hmm...let me do some more research. Our car insurance was issued by The Wyatt Group, but they aren't the policy holder...I have to check on our homeowners and life insurance..
Sam Meyer on 06/16/2011:
Genworth is a carrier that routinely commits insurance fraud on its elderly policy holders. I've just learned that they have been reducing the cash values on policies held by my mother for the past several years even though she has been paying her premiums religiously as billed - their excuse is that "the difference in the cost of providing insurance" has been taken out of the cash values of the three life insurance policies involved - even though they have never notified her of such a "difference" or billed her for it! This company should be avoided at all costs - they defraud the elderly. If you have a policy with Genworth - cash it out while you can and go elsewhere.
Universal Haters on 06/11/2013:
Sam, the policies that your mother has with Genworth are most likely be universal life policies. I'm sorry to hear that the cash values are degrading, but with Universal Life, that is exactly how they are designed to do. All expenses will most likely stay the same for all years, but the "cost-of-insurance" will change or increase yearly. If the cost of insurance and expense are higher than your premium that you are paying into your policy whether it's monthly, quarterly, semi..., you get the picture, the insurance company will take the difference from your cash value to help pay for the negative balance. This will make your cash value smaller each year when you see your annual statement from the company. Buying a Universal Life is basically buying an annual increasing term life insurance with a savings component that may or might give you a rate of return depending on the company. These are some of the most dangerous life insurance policies ever created. They are made to cheat, and I mean cheat their loyal paying customers to death.
Rudi on 02/16/2014:
My long term care insurance company is increasing my rates a total of 130% over 4 years, and the State of Nevada has approved this increase.

Genworth Life of Lynchburg, VA has/is increasing my rates as follows:

2013: from $212.87 to $251.18 (18% increase)
2014: rate increased to $334.08 (33% increase)
2015: rated increased to $ 414.45 (24% increase)
2016: rate increased to $494.83 (19% increase)

Why the increases? Greed and mismanagement.

Long term care is not paid for by Medicare. It is an insurance policy that people pay for years in advance of needing benefits. People take these insurance policies in order to provide for their own nursing home care if they should ever need it. But when you're on a fixed income and 80 years old, how are you suddenly going to pay $500 a month for long term care insurance? Especially when the contract you signed was for about $200 a month AND you were working at the time?

Genworth miscalculated how long people were going to live, how many would drop out of their insurance policy (die), how much health care costs would increase, and how little their own investments would bring in. But they are determined to keep up their profits. So they are sticking it to retirees in their 70's, 80's and 90's to keep up the fat salaries for their executives.

Here are a few facts about Genworth and its management and its compensation.

Martin P. Klein, CFO - $3.1 million
Kevin D. Schneider, Exec. VP - $2.5 million
Patrick D. Kelleher, Exec. VP - $2.3 million
Leon E. Roday, Sr. VP - $1.6 million
Total executive compensation in 2012 - $16.63 million, up 53.28% in a year.
(Source: Morningstar Financial)

In addition, M.D. Frazer, C.E.O., was removed from his position because of incompetence and heavy losses in the mortgage division. He received $2.25 million as a parting gift. His total compensation was $6.69 million, including the separation payment. Frazer was rated the WORST CEO in American business. (Source: Bloomberg Financial)

Now the small insurance holders such as I are left holding the bag for greedy management people. The company was subject of a class action suit in California for removing $226 million from the reserve fund as an excuse to raise premiums. The plaintiff stated that "had Genworth simply not reduced its aggregate reserves by $226.2 million to increase its own profitability, it would have had aggregate reserves far more than the projected $555 million it seeks to collect in premium increases over the next 40 years." http://www.law360.com/articles/103122/genworth-hit-with-class-action-over-226m-in-funds The suit was dismissed because of a jurisdictional technicality. (Peisner vs. Genworth Life Insurance Co. http://docs.justia.com/cases/federal/district-courts/california/cacdce/2:2009cv03676/445212/33/0.pdf?1270203786

I am sending this out because it is another outrageous act by a big company that is determined to make its obscene profits, and pay its obscene management salaries, at the expense of retirees. That the State of Nevada has approved these rate increases is also outrageous, but Genworth has been raising these rates all over the country. I just want people to know.
Close commentsAdd reply
Jumping thru hoops
Posted by on
RICHMOND, VIRGINIA -- Since the seventies, I have paid monthly premiums to Genworth Health Insurance hdqs in Richmond Va.
I asked the agent was he ABSOLUTELY certain Genworth providing in home house keeping if I became unable to do this. The agent assured me many times on his honor that they did and it said so in the Company Statement of what they provide.
In 1996 I fell and broke my trochanter a bony structure on my left femur.
I have had periodic ckups since with my Orthopedic Physician
Now the left leg has begun to give me pain when it is stressed I cannot walk very far and CANNOT do my housekeeping. I called Genworth and asked them what was required to file a claim, rmember I was assurred by an agent I would receive assistance. the Co said I had to have a ckup by an RN and a statement from my Orthopedic Physician.
The RN finally came and gave me a THREE HOUR EXAM and she assurred me she would without a doubt recommend I receive in housekeeping help!
My Orthopedic Physician also wrote I needed ADL (assisted daily living)

I made this claim in March of 2010 it was Julu and I had heard nothing, in the meantime my hip area was more painful. Finally, two days ago I called Genworth and couldn't believe how insulting and rude all the people with whom I spoke were.
     
Read 2 RepliesAdd reply
User Replies:
Alain on 07/15/2010:
Some areas for you to look for some help: HTTP://www.VABusinessNetworking.com/senior-services.htm (1-540-722-8750), HTTP://SeniorsLeague.org, also try HTTP://www.Virginia.gov/cmsportal3/Family_4096/senior_citizens_resources.htm
Alain on 07/15/2010:
Additionally, the Capital Area Agency on Aging, 1111 East Main St., Suite 901, Richmond, VA 23219 (804-786-4718).
Close commentsAdd reply
Top of Page | Next Page >