About GE Life and Annuity Group
GE Life and Annuity Assurance Company is one of the GE Financial Assurance family of companies providing financial security solutions for wealth accumulation and transfer as well as lifestyle protection.
Along with other members of the GE Financial Assurance family of companies, GE Life & Annuity offers a variety of protection and accumulation solutions and is especially known for its competitive variable annuities and variable life products.
Read the 2019 Update. Genworth Financial is No Longer Offering This Coverage!
GE Life and Annuity Insurance Co 2019 Update
Genworth Life Insurance used to be a household name in the life insurance industry. If you are currently searching for one of the top life insurance companies you can choose to secure coverage with, you may be shocked to find out that Genworth Financial is no longer offering life insurance coverage.
Genworth Financial has suspended the sales of all types of life insurance after having an unexpected downturn.
What was once a company that consumers recognized as a big brand in the industry is suddenly gone and it may even leave current life insurance policyholders a bit concerned about what happens now with your life insurance policy and if it’s even valid?
One thing I can tell you right is that you have nothing to worry about. Genworth Financial policyholders are still safe and have a valid contract place.
However, that doesn’t mean we shouldn’t spend the next 2-3 minutes explaining what happened to GE Life and Annuity.
Genworth Financial Life Insurance Overview
Clearly, Genworth Financial has undergone some major shifts and changes in recent years. The biggest thing that we can advise you of currently is that you have nothing to worry about with your existing life insurance policy.
Everything is still valid and state and federal regulations are put in place currently specifically to protect policyholders from having contracts end up in a state where “they are not honored”.
Now that we have cleared the air on this topic, why not jump in and see what happened with Genworth Financial.
Genworth Financial experienced a massive hit to its assets losing over 1 billion dollars. This was caused by long term care coverage and the interest rate environment.
While Genworth has the assets to maintain in business, they ultimately decided to put a temporary halt to all life and annuity sales until they could re-structure and fix the problem at hand. This isn’t necessarily a bad thing or anything to worry about.
It happens to companies somewhat frequently and they typically find a method or way to pivot and make the necessary changes needed to put the company back on track and into a profitable state.
First Colony Life Insurance, Updated 2019
Searching for a reputable and affordable life insurance company can often be a pain for the consumers. It’s not because it’s necessarily difficult. It’s entirely because keeping tabs on all the news in the life insurance industry can be tough for non-life insurance professionals, it can also be very boring.
That’s okay and one of the reasons groups like Spectrum Insurance exist. We aim to deliver to keep you updated and informed about all the top-rated life insurance companies and aim to provide you the information necessary no matter what kind of life insurance you are searching for.
First Colony Life happens to be one of those companies that happens to no longer be around and in the discussion often when it comes to life insurance. In this brief overview of First Colony Life, we will provide you all the details and the inside scoop about what transpired and where you should look next for your coverage.
First Colony Life Insurance Is Acquired
First Colony Life Insurance Company was originally founded in Lynchburg Virginia. First Colony Life was founded back in 1955 which is not nearly as long of a track record as some of the older and more reputable life insurance companies still standing nearly 150 years later.
In 1996, First Colony Life was acquired by GE Financial which is now considered Genworth Financial.
This is where it can start to get confusing for the consumer to keep up. In fact, Genworth Financial is currently not offering any life insurance to consumers either due to attempting to stabilize their previously sold Long Term Care policies.
No need to worry however, if you have a valid contract with any of the companies mentioned previously, your life insurance is still valid and will be honored.
You see, when companies acquire another life insurance company, they also require all their liabilities and existing contracts that are in force.
First Colony Life before the 1996 acquisition focused primarily on Life and Annuities Sales. As of today, you can still obtain help and service on your First Colony Life insurance policy. To this day, Genworth still offers a customer contact and service center to service older contracts for policyholders.
First Colony Life (Genworth Financial) Financial Strength Numbers and BBB Rating
This is an area where Genworth Financial has been hit hard over the last few years. Genworth Financial at one point in time was known as one of the strongest life insurance companies you could work with and had the financial strength ratings to back it up. However, as of late, Genworth Financial has been downgraded heavily on the financial strength scale.
Here’s the current financial strength numbers being given to Genworth Financial (First Colony Life)
Standard and Poor’s-B+
The good news is that it still appears that you can trust Genworth Financial to handle issues and complaints rather quickly. Currently Genworth is still backed by an A+ BBB rating which goes to show that the clients still comes first, and they resolve issues and complaints as quickly as possible.
Products That Were Once Offered by First Colony Life
When First Colony Life was around and thriving, they offered the same life insurance products that many life insurance companies currently offer. The most common policies sold by Colony Life included Term Life Insurance and Universal Life Insurance.
First Colony Life also offered coverage in the form of permanent life insurance before ultimately shutting down the doors on all life insurance sales.
Don’t Rush to Make Any Drastic Changes If You Have a Genworth Policy Currently
Like I stated previously, your current contracts are still 100% valid and you have nothing to worry about. It’s not necessarily a reason to jump the gun and purchase a new policy by replacing your current Genworth Policy.
However, it’s never a bad idea to shop around. You never know if you got the cheapest rates the first time around and perhaps now is the time to increase your coverage amount or lock in a longer-term insurance duration to extend the protection into the later years of life.
Nonetheless, the company will still be liable and responsible for any claims made against life insurance contracts and the mere fact that they suffered a loss and suspended the life and annuity sales, doesn’t mean you have to make any drastic changes.
If you find yourself in the situation where you would prefer to investigate new options, feel free to use the instant quote form here on this page. This will allow you to compare rates with dozens of the top-rated life insurance companies.
Final Word, Genworth Financial May Be Out of The Mix but You Have Options
The most important thing to always keep in mind about purchasing life insurance is that even though Genworth Financial may be out of the mix, for the time being, you still have plenty of options.
Dozens of A+ rated life insurance companies offer robust and complete protection for you and your family.
Getting started and getting coverage in place is by far the most critical step you need to take. Spectrum Insurance Group is here to help.
Start by filling out the quote form on this page to get an accurate reading and gauge what prices and companies may be available to you.
Spectrum Insurance Group is made up of life insurance agents who are licensed in all 50 states and the District of Columbia. Spectrum Insurance Group has helped 1000’s of consumers purchase life insurance online & over the phone.
All content on this site has been written by life insurance experts & licensed life insurance agents.