Anyone Worried About Genworth's AM Best "A-" Rating??

[term2u]

I'm wondering if any of you are worried about Genworth's AM Best "A-" Rating and if you think they're still a viable carrier? I'm beginning to feel a bit leery about recommending them to potential clients, which is a bit of a bummer, as they're so much better when it comes to H&W issues.

AM Best has downgraded them to A- with a "Negative Outlook", but I'm curious to know your thoughts? Are you guys still writing business with them, despite their current financials?

 

[rousemark]

I'm wondering if any of you are worried about Genworth's AM Best "A-" Rating and if you think they're still a viable carrier? I'm beginning to feel a bit leery about recommending them to potential clients, which is a bit of a bummer, as they're so much better when it comes to H&W issues.

AM Best has downgraded them to A- with a "Negative Outlook", but I'm curious to know your thoughts? Are you guys still writing business with them, despite their current financials?

Best ratings really just don't mean a whole lot.

 

[Tahoe Ray]

I'm wondering if any of you are worried about Genworth's AM Best "A-" Rating and if you think they're still a viable carrier? I'm beginning to feel a bit leery about recommending them to potential clients, which is a bit of a bummer, as they're so much better when it comes to H&W issues.

AM Best has downgraded them to A- with a "Negative Outlook", but I'm curious to know your thoughts? Are you guys still writing business with them, despite their current financials?

I don't see a reason to write GW outside of LTC.

I don't like their underwriting, negative publicity, or their overall service.

Pricing for term is so competetive that any cost difference in their favor is nominal.

Not a good carrier for life at this time in my book.

 

[Larry Tew]

Last I checked, there were over a hundred life companies with a Bests of A+ or A++. I don't see any reason to use lesser rated companies.

 

[scagnt83]

Genworth has had financial issues with their LTCI unit for years now. But since interest rates have stayed so low for so long now it is just exacerbating their problems. Especially since LTCI makes up so much of their business.

I have never seen a reason to sell Genworth Term. I can find similar UW and similar rates from carriers that are more stable and that do not have negative press on a quarterly basis.

If you need carriers that are competitive on build look at Trans, Met, or Hancock.

Sell value, not cost.

 

[term2u]

Thanks, guys.. The only reason why I am considering Genworth is because they're the only carrier where he should be able to obtain Std+/Select NT, based on his build of 6' 256.

All of the other carriers will put him down to Std NT, which increases the monthly premium by about $30/mo or 30%. Just trying to do what's best for the client, who like everyone is very concerned with price. Was curious to know if you're still writing Genworth in a situation like this. I have a lot of other carriers available, but none that will possibly consider Std+/Select NT.

 

[DHK]

Price does not equal value or quality.

Whenever I see an "exceptional value" in an insurance company offering, I have to wonder "why?". It often has to do with current ratings.

Some time ago I had asked about EquiTrust and their B rating. They had a great living benefit offering, but "if something is too good to be true...".

Granted, there have been some Triple-A rated companies to go under too... so ratings aren't everything, but they seem to be a driving force in how companies structure and price their products. The more attractive the product seems to be, the more I simply ask "why?".

There Ain't No Such Thing As A Free Lunch.

 

[Tahoe Ray]

Thanks, guys.. The only reason why I am considering Genworth is because they're the only carrier where he should be able to obtain Std+/Select NT, based on his build of 6' 256.

All of the other carriers will put him down to Std NT, which increases the monthly premium by about $30/mo or 30%. Just trying to do what's best for the client, who like everyone is very concerned with price. Was curious to know if you're still writing Genworth in a situation like this. I have a lot of other carriers available, but none that will possibly consider Std+/Select NT.

Check John Hancock. Their build tables are very generous.

 

[AgentStone]

Sell value, not cost.

Ditto ...Sell value, not cost

 

[DHK]