RICHMOND, Va., Dec. 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.
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"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
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 http://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 http://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.
SOURCE Genworth Financial