1) When banks go under, other banks will buy them up. The same thing would happen with Genworth, should it be necessary.
2) I doubt Genworth ever sold a WL policy. Probably a UL?
3) Does this 88 year old still need or want the insurance coverage? Where else would he get it if he cancels this policy? 88 is up there for getting new coverage.
4) It was discussed on another thread not to panic, not to twist policyholders into replacing their coverage, or to talk about state guarantee associations.
According to AM Best, they are rated B++ and a stable outlook as of 5 days ago:
A.M. Best's Consumer Insurance Information Center
This is a far cry from going bankrupt, but their financial standing was reduced.