* Update 2018 – Genworth no longer sells life insurance. They have stopped selling both medical examinations and traditionally insured insurance. *
Major changes are happening with GLIAC Life Insurance.
You may be very worried if you have a Genworth life insurance policy.
One key concern you may be thinking about is whether the company will be able to honor future life insurance claims.
Or maybe you're wondering what would happen if they sold a piece of business to another life insurer.  Are you going to jump ship and go to another company now?
We will answer these and other questions.
The most important thing you need to know is that you should not worry about any of these issues and I will explain why.
The company had great financial success in recent years. This sometimes happens for large companies. The usual strategy for dealing with large financial fluctuations is to change the business model and fix things through restructuring.
GLIAC Insurance Co. is owned by Genworth Financial Inc. related to its long term coverage and lower interest rates than expected.
Consequently, part of the restructuring process led to the suspension of sales of both life insurance and annuities. traditional life cover and fixed annuity products during the first quarter of this year, so that the company can focus on fixing a business unit that provides long-term care. Work It Lynchburg
What will happen to the life insurance part of GLIAC Financial is still unclear, as the company is still considering its options and strategic approaches.
Although the shares of the company have dropped significantly, keep in mind that this is a huge company that has been around for a long time. The company will not be going for any time soon.
Life insurance is heavily regulated and protected both federally and by the State Insurance Commission. It is unusually rare for a life insurer to go bankrupt and it is very unlikely that this will happen with GLIAC Insurance due to its size and total assets.
Even if this happened, the life insurance cover will be provided through the insurance guarantee. An association that exists in each state that ensures that receivables will be paid subject to the state's coverage limits.
Your life insurance claim with Genworth will be honored no matter what happens, so you can breathe a sigh of relief.
The answer is: Nothing will change regarding the terms of your insurance. the new insurer.
All warranties you have on your existing Genworth life insurance policy remain the same.
You do not really need to change and sho Consider only doing so if you have a brand new insurance and are uncomfortable with the situation and want peace of mind.
On the other hand, if you have had insurance with GLIAC Life Insurance for a while and think you want life insurance with another insurance company, there are several things to consider in advance, including:
- A new insurance with another Insurance companies will be based on your current age and state of health, so a new insurance policy is likely to cost you more. If your health has deteriorated significantly, you may be completely denied or the cost of a new insurance policy may become too expensive.
- GLIAC Insurance was almost the only insurance company to offer a 30-year UL for those in the age range 60 – 65 (they have since reduced this to the age of 59 which is standard for most insurance companies)
- Genworth was one of the mildest insurers when it comes to health problems and for people over 65 years.
- GLIAC Life Insurance was also one of the most affordable companies when it comes to Term Life Insurance and YELLOW (Guaranteed Universal Life Insurance)
So if you fall into any of these categories when you bought an insurance, it may not be a good idea to jump ship to another life insurance company right now.
Just keep in mind that the company will respect its life insurance claims!
Even if you do not change your insurance, it is a good idea to get a quote.
Talk to one of our independent agents about your current insurance needs and we will make sure you get the best possible price left with the remaining companies.
Get a quote!
The answer is yes!
If you just recently bought insurance from them and are still worried, you may want to consider getting a quote from an A + rated carrier, if you think this would give you more peace of mind.
Here at IBBC we have excellent transport companies in all areas where GLIAC Insurance excelled and access to over 40 best life insurance companies.
We also have transport companies that are very fair to seniors and companies that offer Universal Life with a no-lapse guarantee (Guaranteed universal life) for different ages from 90 – 121. We also work with insurance companies that offer dozens of options for life insurance .
Overall, my opinion is that if you only bought insurance in the last couple of years, you may want to consider switching.  * While we do our utmost to keep our site up to date, please be aware that "current" information on this site, such as quotation estimates or relevant company information, may only be accurate from the last day of editing. Huntley Wealth & Insurance Services and its representatives do not provide legal or tax advice. Please contact your own legal or tax advisor.