Genworth Introduces New Fixed Index Annuity Product Suite
December 20, 2011 by N/A
Guaranteed
growth, protection, competitive cap rates and access to funds highlight
SecureLiving® Index 7 and SecureLiving® Index 10 Plus offerings
RICHMOND, VA. — December 12, 2011 /PRNewswire/ — Genworth Financial, Inc. (NYSE:GNW) announced today the launch of two new index annuities
designed to meet the growing needs of America’s security-conscious consumers.
SecureLiving® Index 7 and SecureLiving® Index 10 Plus will be issued by
Genworth Life and Annuity Insurance Company.
“Genworth and its predecessor companies
have a decades-long legacy of creating competitive and consumer appealing index
and fixed annuity products,” said Paul Haley, senior vice president for annuity
product development. “Our SecureLiving suite of products is designed for
consumers weary of investment volatility and eager to protect their money from
unpredictable market fluctuations.”
As single premium, fixed deferred
annuities, SecureLiving® Index 7 and SecureLiving® Index 10 Plus offer
index-based and fixed interest crediting strategies. Consumers can allocate
premium across five different crediting strategies based on individual needs
and risk tolerances.
In addition, contract holders have access
to their money through 10% free annual withdrawals beginning in year two, the
optional Income Protection rider, a waiver for confinement to a medical care
facility and annuitization options. Both products require a minimum single
premium of $25,000 or more and you must be 80 or younger to apply (age 85 for
SecureLiving® Index 7).
The products are loaded with other
competitive features including competitive cap rates, multi-year guaranteed
fixed options, guaranteed minimum accumulation or premium enhancement, an
innovative bailout feature, jumbo rates and caps for premiums above $100,000
and $250,000 and the optional Income Protection rider with daily benefit base
growth.
“We listened to both consumers and our
distribution partners in creating these products,” said Haley. “With growing
numbers of baby boomers approaching retirement, we think we have the right
products at the right time to help them prepare for a secure retirement.”
Other key features and benefits include:
- Premium
Enhancement: 5% premium enhancement to the contract value beginning on the day
the contract goes into effect SecureLiving® Index 10 Plus only (subject to a
vesting schedule) - Guaranteed
Minimum Accumulation: 107% of premium less rider charges and adjustments for
withdrawals SecureLiving® Index 7 only - Tax
deferred growth - Five
crediting strategies:- Index-based annual cap strategy
- Index-based monthly cap strategy
- Index-based performance triggered strategy
- 7 or 10-year fixed rate strategy
- 1-year fixed rate strategy
- Up to 10%
free withdrawals each year beginning in year two - Optional
Income Protection Rider – Guaranteed Lifetime Income Withdrawals - Innovative
bail out feature - 7 or 10-year
surrender charge period, with market value adjustment
SecureLiving® Index 7
and SecureLiving® Index 10 Plus are Issued by: Genworth Life and Annuity
Insurance Company
128288 10/17/2011
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW)
is a leading Fortune 500 insurance holding company dedicated to helping people
secure their financial lives, families and futures. Genworth has leadership
positions in offerings that assist consumers in protecting themselves,
investing for the future and planning for retirement — including life
insurance, long term care insurance, financial protection coverages, and
independent advisor-based wealth management — and mortgage insurance that helps
consumers achieve home ownership while assisting lenders in managing their risk
and capital.
Genworth has approximately 6,500 employees
and operates through three segments: Retirement and Protection, U.S. Mortgage
Insurance and International. Its products and services are offered through
financial intermediaries, advisors, independent distributors and sales
specialists. Genworth Financial, which traces its roots back to 1871, became a
public company in 2004 and is headquartered in Richmond, Virginia. For more
information, visit Genworth.com.
From time to time, Genworth releases important information via postings on its
corporate website. Accordingly, investors and other interested parties are
encouraged to enroll to receive automatic email alerts and Really Simple
Syndication (RSS) feeds regarding new postings.
Enrollment information is found under the ‘Investors’ section of Genworth.com.
SecureLiving® Index 7 individual single
premium fixed deferred annuity with market value adjustment and optional
indexed interest crediting is issued by Genworth Life and Annuity Insurance
Company, policy form series GA3003 07/11, and GA300R-0511 et. al.
SecureLiving® Index 10 Plus individual
single premium fixed deferred annuity with market value adjustment and optional
indexed interest crediting is issued by Genworth Life and Annuity Insurance
Company, policy form series GA3004-0711 and GA300R-0511 et. al.
Products and/or riders may not be available
in all states or markets. Features and benefits may also vary be state or
market.
This is a product summary. Please refer to
the contract for a complete and detailed explanation of benefits, limitations,
and restrictions.
All guarantees are based on the
claims-paying ability of Genworth Life & Annuity.
Although the contract value may be affected
by the performance of an index, the contract does not directly or indirectly
participate in any stock or equity investment including but not limited to, any
dividend payment attributable to any such stock or equity investment.
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