Genworth Long Term Care Insurance
Products - Traditional Long Term Care Insurance
Genworth's heritage dates back to 1871 when the Life Insurance Company of Virginia wrote its first policy. The company went on to pioneer some of the first long care products in the United States in 1974 under the name Amex. Today, 1 of every 4 Americans who owns an individual LTC policy is serviced by Genworth.
To date Genworth has paid over $13.0 Billion in LTC claims, and continues to pay out over $6.1 Million each business day to claimants ranging in age from 27 to 106 years of age.
In October of 2016, Genworth announced its pending acquisition by China Oceanwide (a $31 Billion holding group with nearly 100 subsidiaries around the world and more than 10,000 employees). Although expected to be finalized by mid-2017, the acquisition must first meet approval of regulators in DE, VA, NY and NC, authorities in Australia, Canada and Mexico, Fannie Mae and Freddie Mac, and review by the Committee on Foreign Investments in the US. Please see this short summary if you have further questions.
- Claims Paying Strength - Good (A.M. Best)
- Year of Market Entry - 1974
- LTC Policyholders - 1.2 Million+
- Statutory Reserves - $40 Billion US Life, including $12 Billion LTC
Genworth Long Term Care Stories: Meet Teresa