In these unprecedented financial times it is a breath of fresh air when a company is willing to not only be transparent, but also lay out step by step their game plan for survival. With consumer confidence at an all time low I would like to see more companies like Genworth Life and Annuity show us what they are doing to protect our life insurance investment.

Hinerman Group has always had a policy of being transparent and when I received this communication from Genworth, I felt it was worthy of passing on. genworth-strategic-highlights-11-11-08

I think, truth be known, that most of the big insurance companies are taking similar steps and I truly believe that people can have confidence in their life insurance given my oft mentioned caveat, your policy is based on guarantees.

If you have been sold or made the choice to purchase a policy that was based on assumptions, review it now and be ready to act. Most term insurance policies are guaranteed and should be safe. At highest risk is the giant pool of underfunded universal life policies in the hands of people who haven’t been serviced by the selling agent since he strolled to the bank with his commission check. If you have a universal life policy it is time to have it reviewed and please, have it done by someone other than the agent who sold it. It is my belief that the majority of universal life policies in force today were sold inappropriately and are at risk. Don’t get your second opinion from the original source.

Bottom line. There is much to be confident about in the life insurance industry. Even American General, the life insurance branch of AIG is solid. The rest of AIG is questionable, but American General’s guaranteed policies are still good and will be no matter what the end of the AIG saga brings.