Anyone get the letter today from Select Quote about Genworth?

[Thrif-t]

Ugh we bought term life insurance with Genworth thru Select Quote. Genworth has been down graded to a B++ rating and Select Quote's policy is to offer products with at least an A- rating.

It goes on to say it's recently been announced that China Oceanwide Holdings Group has agreed to purchase Genworth and it may negatively impact their rating in the near term.

Not that they're saying this is any indication that a claim won't be honored. Ugh now what? We are older, have more health problems, and I"m not sure we can get a term policy for the same cost. Should I start shopping anyway? My DH has a cancer diagnosis, it's skin cancer and he's fine but not sure how that will impede the search.

Just wonder if anyone else is dealing with this situation and what you think I should do?

[QuarterMillionMan]

I have a long term care policy with Genworth which I've been paying for the past 5 years. I don't like the sound of this China Oceanwide holding buying out Genworth.

[Thrif-t]

^ Did you get the letter Quarter? I did some googling and came up with this:

http://insurancenewsnet.com/innarticle/genworth-suspends-life-and-fixed-annuity-sales

Unless I'm off I "think" the LTC business they are going to stay in so maybe this won't affect you??

[QuarterMillionMan]

Nope, I didn't get the letter from Select Quote. I'm hoping for the best.

[Captain Save]

I'd monitor closely but wouldn't panic just yet... of course if you can get term from a well established company with good vital signs around the same price.. it doesn't hurt to switch.. As always, make sure the term is convertible..