Genworth Financial
Genworth Financial, Inc. has launched two new indexed annuities, issued by Genworth Life and Annuity Insurance Company.
As single premium, fixed deferred annuities, SecureLiving Index 7 and SecureLiving Index 10 Plus offer indexed-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 percent 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 applicants must be 80 or younger to apply (age 85 for SecureLiving Index 7).
The products’ features include 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 an optional income protection rider with daily benefit base growth.
Other key features and benefits, including tax-deferred growth and innovative bailout, are: Premium enhancement—5 percent 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 percent of premium less rider charges and adjustments for withdrawals SecureLiving Index 7 only. 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, and 1-year fixed rate strategy. Free withdrawals—up to 10 percent each year beginning in year two. Optional income protection rider—guaranteed lifetime income withdrawals. Seven or 10-year surrender charge period, with market value adjustment.
