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Genworth Complaint - Stay away from Genworth ! The worst insurance company I ever dealt with - Life Insurance
Life Insurance - Complaint
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....
Comments:
Posted by saj80 on 2009-09-18:
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.
Posted by Anonymous on 2009-09-18:
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.
Posted by saj80 on 2009-09-18:
LadyScot, you are wrong. My life insurance policy was issued by Genworth.
Posted by Anonymous on 2009-09-18:
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..
Posted by Sam Meyer on 2011-06-16:
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.
Posted by Universal Haters on 2013-06-11:
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 a 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.
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