If you’re searching for “Genworth Life,” you’re most likely in one of two situations: you already own a Genworth life insurance policy and want to know if it’s still reliable, or you’re comparing life insurance companies and came across the Genworth name from an older review. Either way, the most important fact to understand upfront is that Genworth stopped selling new individual life insurance policies back in 2016. This article explains what that means, what existing policyholders can expect, and what to do next depending on your situation.
What Is Genworth Life Insurance?
Genworth Life Insurance Company traces its history to the Life Insurance Company of Virginia, founded in 1871. Over the following century, the business grew into a major life insurance and long-term care insurance provider, eventually becoming part of Genworth Financial, a publicly traded company headquartered in Richmond, Virginia.
Genworth actually operates through more than one life insurance subsidiary. The two most relevant are Genworth Life Insurance Company (GLIC), based in Wilmington, Delaware, and Genworth Life and Annuity Insurance Company (GLAIC), based in Richmond, Virginia. A third entity, Genworth Life Insurance Company of New York (GLICNY), serves New York policyholders specifically. These are separate legal entities with separate financial strength ratings, which matters if you’re trying to evaluate your specific policy.
Why Genworth Stopped Selling New Life Insurance
In March 2016, Genworth exited the individual life insurance and traditional annuity market for new customers. The decision followed a period of heavy financial strain, driven largely by losses in its long-term care insurance business — a product line that turned out to be far more expensive to sustain than the industry had originally priced for. Rather than continue writing new life and annuity business, Genworth chose to concentrate its resources on servicing its existing policyholders and running off those blocks of business over time, while shifting company focus toward mortgage insurance (through its Enact subsidiary) and managing its long-term care obligations.
This is a common pattern in the insurance industry, sometimes called a “closed block” strategy. The company keeps its promises to existing customers but no longer actively markets or underwrites new policies of that type.
What This Means If You Already Own a Genworth Life Policy
If you purchased a Genworth term, whole, or universal life insurance policy before 2016, your coverage is still legally binding. Genworth is obligated to honor the terms of your contract, including death benefit payouts, as long as you continue paying required premiums and the company remains solvent.
In practice, this means:
- Your policy remains in force under its original terms.
- You can still pay premiums, request policy changes where allowed, and name or update beneficiaries.
- Claims are still processed through Genworth’s customer service channels, typically requiring a certified death certificate, completed claim forms, and policy identification.
- You won’t be able to add riders or purchase new coverage from Genworth, since the company isn’t underwriting new individual life business.
If you’re unsure which Genworth entity holds your policy, check your policy documents or a recent premium statement — it will list the issuing company (GLIC, GLAIC, or GLICNY).
Financial Strength: What the Ratings Actually Say
This is where a lot of the online commentary about Genworth gets muddled, so it’s worth being precise. Genworth’s life insurance subsidiaries are rated by AM Best, the leading credit rating agency for insurers. As of AM Best’s most recent published actions, Genworth Life Insurance Company has carried a Financial Strength Rating in the C++ (“Marginal”) range, while Genworth Life and Annuity Insurance Company has generally carried a somewhat stronger rating, in the B range (“Fair” to “Good”), reflecting its different mix of business.
These ratings sit below what many financial advisors consider the minimum threshold (typically A- or higher) for placing new money with an insurer. That said, AM Best revised its outlook for Genworth Financial Group to positive in late 2025, citing improved operating performance and gradual balance sheet stabilization within the company’s runoff businesses — a meaningfully different trajectory than the downgrades the company saw in the years following its 2016 restructuring.
A lower financial strength rating doesn’t mean a policy is worthless or that a claim won’t be paid. It does mean the insurer is considered more vulnerable than top-rated competitors to adverse economic conditions. Because ratings change and different subsidiaries carry different scores, don’t rely on a single blog post’s number — the most reliable step is to look up your specific Genworth entity directly on AM Best’s website using your policy’s issuing company name.
Long-Term Care Insurance: A Separate but Related Issue
Many people searching “Genworth Life” are actually trying to understand Genworth’s long-term care insurance business, since that’s the product line most responsible for the company’s financial troubles and subsequent premium increases. Genworth remains one of the largest long-term care insurance providers in the country by number of policies in force, even though it also stopped selling new long-term care policies to individual buyers years ago. If you hold a Genworth long-term care policy, note that premium increase requests on these older blocks have been common industry-wide, not unique to Genworth, and are typically subject to state insurance department approval. This is a distinct product from life insurance, even though it’s issued by related Genworth entities.
Common Mistakes to Avoid
A few mistakes come up repeatedly when people research Genworth:
- Assuming you can buy a new Genworth life insurance policy today. You cannot; the company doesn’t sell new individual life coverage.
- Confusing life insurance ratings with long-term care or annuity ratings from a different Genworth subsidiary — always check the specific entity name on your policy.
- Letting an old policy lapse without understanding surrender value, cash value, or embedded guarantees, which can be costly to give up.
- Relying on outdated rating information instead of checking AM Best directly, since ratings and outlooks change over time.
If You’re Shopping for New Life Insurance
Since Genworth isn’t an option for new coverage, if your search intent is actually to buy life insurance, you’ll want to compare currently active insurers with strong, current financial strength ratings (A or higher from AM Best), competitive underwriting for your health profile, and product terms — term length, coverage amount, and conversion options — that match your needs.
Frequently Asked Questions
Can I still buy a Genworth life insurance policy? No. Genworth stopped selling new individual life insurance policies in 2016 and now only services existing coverage.
Is my existing Genworth life insurance policy safe? Genworth is contractually obligated to honor in-force policies. Its financial strength ratings are below top-tier insurers, so it’s reasonable to monitor the current rating for your specific policy’s issuing entity through AM Best.
How do I file a claim with Genworth? Claims can typically be filed online, by phone, or through Genworth’s policyholder service channels, generally requiring a certified death certificate and completed claim forms.
Is Genworth the same company for life insurance and long-term care insurance? They’re related but distinct product lines, often issued through different Genworth subsidiaries with different financial ratings.
Conclusion
Genworth Life Insurance is best understood today as a company in “service mode” for life insurance: it no longer writes new policies, but it continues to administer and pay claims on coverage sold before 2016. If you own a policy, the priority is understanding which Genworth entity issued it, checking its current financial strength rating directly with AM Best, and keeping your policy documents current. If you’re shopping for new coverage, Genworth simply isn’t part of that conversation anymore — your search is better directed toward currently active, top-rated insurers.
