Genworth is decidedly not a mega-corporation. Instead, Genworth is a financial organization that specializes in long term care insurance, retirement plans, life insurance and legacy management.
Compared to other providers Genworth Financial sticks to tried and true life insurance policies. Genworth’s life insurance policies can be divided into term and universal plans. Genworth term life insurance policies are available in 10, 15, 20 and 30 year blocks. Term life insurance is ideal as a protection against unexpected death premiums are low and family members are entitled to a predesinated payout upon death of the policy holder. The major disadvantage to Genworth’s term life insurance is the simple fact that when your term of coverage expires, the policy has no cash value.
Term life insurance is very inflexible on premiums as well if you miss a payment or make a partial payment you are not covered until you pay your outstanding balance.
Term life insurance is ideal as a defense against catastrophes. Universal insurance however, is much more flexible in that it doubles as a life insurance program and a financial investment. There’s also the matter of flexibility universal life insurance doesn’t lapse the moment you miss a payment. Genworth’s universal life insurance policy allows holders to withdraw or borrow against the policy’s cash value. The more money invested in a universal life insurance policy, the more cash value it has and the larger payout for beneficiaries will be. Keep in mind that premiums are substantially more costly for universal coverage than they are for term life insurance.
Genworth Financial doesn’t offer the same wide array of services some of the giant banks do. But given that quantity doesn’t always outshine quality, we’re impressed with what Genworth does offer: namely, their coupling of universal life insurance with coverage for long term health care. Medical bills can effectively negate the payouts of a life insurance policy. Genworth’s long term care insurance fortifies a typical universal life insurance policy making it look that much more appealing.
Genworth offers effective phone support compared to some of the larger providers.
Source : http://insurance-quote-review.toptenreviews.com
No comments:
Post a Comment