Genworth Life of NY Rating Drop! What to Do?

[BullFrog]

Hello all!
I have a Genworth UL 30 year life policy. It's been 5 years now since I have it. For the last few months I'm receiving letters from different companies like LifeQuotes, trying to convince me leave Genworth and purchase new insurance from a different and more "reliable" company. It's all because Genworth's rating went down from A+ to B, B- (depends on the agency).
My question is obvious here: Is the drop in rating something to worry about? Should I listen to suggestions and leave Genworth?

Please advice me what to do, since Im not a life insurance specialist.

Thanks a lot!
Mike

 

[STIBROKER]

Hello all!
I have a Genworth UL 30 year life policy. It's been 5 years now since I have it. For the last few months I'm receiving letters from different companies like LifeQuotes, trying to convince me leave Genworth and purchase new insurance from a different and more "reliable" company. It's all because Genworth's rating went down from A+ to B, B- (depends on the agency).
My question is obvious here: Is the drop in rating something to worry about? Should I listen to suggestions and leave Genworth?

Please advice me what to do, since Im not a life insurance specialist.

Thanks a lot!
Mike

I have to ask......how did lifequotes find out you had a Genworth policy.....

 

[BullFrog]

All honesty,
When I first started to shop around for a life insurance they were the first ones that I called. After that I went thru few other ones and came back to them to buy the insurance. I guess that's why :-)

 

[walthamny]

I thought it was illegal to say something about the credit rating of an insurance company and ask to switch to another company. Government does not want to create a run on any insurance company. I would be surprised if they actually put this is in writing.

 

[LGilmore]

How much coverage are you buying. Check with your state insurance commissioner's office about the company and if you should worry. States have guarantee associations that will cover up to a certain face amount. Talk to your state OIC and go off of what they advise. They have nothing to sell you. Everybody else you speak to can sell you something please keep that in mind.

 

[Tahoe Ray]

I thought it was illegal to say something about the credit rating of an insurance company and ask to switch to another company. Government does not want to create a run on any insurance company. I would be surprised if they actually put this is in writing.

The state of NY sent letters warning agents of doing exactly that (scare tactics) in 2008/2009 regarding AIG.

 

[WinoBlues]

Hello all!
I have a Genworth UL 30 year life policy. It's been 5 years now since I have it. For the last few months I'm receiving letters from different companies like LifeQuotes, trying to convince me leave Genworth and purchase new insurance from a different and more "reliable" company. It's all because Genworth's rating went down from A+ to B, B- (depends on the agency).
My question is obvious here: Is the drop in rating something to worry about? Should I listen to suggestions and leave Genworth?

Please advice me what to do, since Im not a life insurance specialist.

Thanks a lot!
Mike

Isn't that policy guaranteed 30 years?

Get them to email or text you them trying to twist that policy out.

Also how their policy is superior.

 

[Tahoe Ray]

Isn't that policy guaranteed 30 years?

That's a good call...it could be their policy that was similar to Protective's.

 

[jboussea]

Just because the rating has dropped to a B doesn't mean that you're in danger.. Insurance agents like a and above companies.. because just because something happens to them..they will still be ok and they mgiht be downgraded.. and Genworth's has ran into an LTC problem but they still have pretty good reserves from what I hear... of course you would want to verify that so maybe an agent with access to the "vital signs" can help.

 

[Golfnut2112]

I personally would switch. You may have a slightly higher premium but you would also get 5 extra years of coverage.