Updated: July 2021
Read the 2019 Update below. Genworth Financial is No Longer Offering Life Insurance Coverage!
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.
GE Life and Annuity Insurance Company 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.
Is My GE Life Insurance Policy Still Valid?
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 in place.
Why Genworth Financial Stopped Offering Life Insurance
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 restructure 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.
GE Life Acquisitions
GE Life has acquired a number of other companies over the years. You may have a policy with First Colony Life, for example, that rolled over to GE Life.
Here’s a summary of their acquisitions.
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.
First Colony Life, before the 1996 acquisition, focused primarily on life and annuities sales, similar to Great American Life Insurance. 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.
GE Life Acquires American Mayflower
In 2007, Genworth acquired American Mayflower.
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.
When companies acquire another life insurance company, they also require all their liabilities and existing contracts that are in force. So if you have an American Mayflower policy, contact GE Life for assistance.
GE Life Financial Strength & 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 are the current financial strength numbers being given to Genworth Financial:
- A.M Best: B
- Standard and Poor’s: B+
- Moody’s: B2
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 come first, and they resolve issues and complaints as quickly as possible.
Compare Your Current GE Life Policy to Other Companies
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 a 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 your current GE Life insurance rates with dozens of the top-rated life insurance companies.
Start by filling out the quote form on this page to get an accurate reading and gauge what prices and life insurance companies may be available to you.
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All content on this site has been written by life insurance experts & licensed life insurance agents.