Genworth Introduces New Fixed Index Annuity With Lifetime Income Rider

RICHMOND, Va., Dec. 1, 2014 /PRNewswire/ -- Genworth has introduced a new fixed index annuity with a lifetime income rider for consumers as young as 45 who want to start building retirement income that is protected from market losses and has the potential to grow before and after withdrawals begin.

"With defined pension plans becoming increasingly rare, SecureLiving^® Growth+ with IncomeChoice rider is a great fit for consumers who are seeking solutions to fund their own retirement," said Lou Hensley, president of Life Insurance and Annuities at Genworth.  "SecureLiving^®Growth+ with IncomeChoice rider can help consumers save for retirement and gives them the added benefit of protection from market losses, growth potential greater than existing interest rates, and guaranteed lifetime income that can keep growing."

SecureLiving^® Growth+ with IncomeChoice also offers the potential for contract owners to double their income for up to five consecutive years when they are confined to a medical care facility*.  And it is the only fixed index annuity on the market that provides access to caregiver support advocates who can help answer care-related questions, access care and help identify potential care facilities. This service is available to the contract owner and immediate family on day one of the contract.**

Based on consumer demand for more flexibility and customization in their retirement funding solutions, Genworth's SecureLiving Growth+ with IncomeChoice also offers:

• Greater growth potential through 50 percent credit enhancements before income begins and while the rider is in effect
• Four index crediting strategies based on the S&P 500^® Index, including a new patent-pending two-year trigger crediting strategy
• Bailout renewal protection that enables the contract owner to make full or partial withdrawals from their contract without surrender charge or market value adjustment and a prorated rider charge if, during the surrender charge period, the renewal cap for the annual cap strategy is below the bailout rate
• IncomeChoice rider that provides a guaranteed lifetime withdrawal benefit, which offers a choice, at retirement, of increasing or level income options*** for a 1.10% annual charge
• The ability to start income distributions anytime after the first contract year without being restricted by the contract anniversary window
• Competitive caps and rates

According to Genworth's Future of Retirement Income Study¹, 76 percent of pre-retirees indicated they may delay retirement because they may not have enough money to do so comfortably. Additionally, 36 percent said their living expenses were too high for them to retire as planned. This, coupled with expectations of longer life expectancy in the U.S.², underscores the need for more flexible retirement solutions that take into consideration life's unpredictability. 

"Including SecureLiving^®Growth+ with IncomeChoice in a retirement income plan will protect that portion of your retirement savings from principal loss due to market volatility and ensure that a percentage of your income lasts as long as you live and has the ability to increase before and after income begins," Hensley said.  "Few products can offer the same level of flexibility and opportunity for growth."

Consumers can learn more about different types of annuities, including SecureLiving Growth+ with Income Choice rider, and how they can use these products to achieve their retirement goals by visiting Genworth's annuity solutions website.

Genworth can also be found online through its social media platforms:

Find them on Facebook at: https://www.facebook.com/pages/Genworth/165752860178415.

Watch Genworth informational videos and commercials at: http://www.youtube.com/genworthfinancialtv.

To contact a Genworth Representative, please visit: https://www.genworth.com/contact-us.html or call 1-888-GENWORTH (1-888-436-9678).

*To qualify, the contract must have been in force for at least two years and the contract owner must be in a licensed medical facility under full-time care as prescribed by a doctor and have been in the facility for at least 30 days.  

**The caregiver support services may be changed or discontinued at any time.

***If you elect increasing income when you begin your income withdrawals your initial income withdrawal will be less than the level income withdrawal option.

Disclaimers

SecureLiving® Growth+ Individual Single Premium Deferred Annuity with Income Choice rider, market value adjustment, and optional indexed interest crediting, policy form subject to policy forms GA3005-1113, GA304R-0714, ICC14GA304R et al. Features may not be available in all states. In Illinois, the product is known as Individual Modified Guaranteed Equity Index Single Premium Deferred Annuities. Products and/or riders may not be available in all states or markets. Features and benefits may also vary by state or market.

All guarantees are based on the claims-paying ability of Genworth Life & Annuity.
Withdrawals may be taxable and a 10% federal penalty may apply to withdrawals taken before age 59½. This is a brief product description. Consult the annuity contract for a detailed description of benefits, limitations, and restrictions. The contract terms and provisions will prevail.

The S&P 500® Index is a price index and does not reflect dividends paid on the underlying stocks. The S&P 500® Index is a product of S&P Dow Jones Indices LLC ("SPDJI") and has been licensed for use by Genworth Life and Annuity Insurance Company hereinafter referred to as "Licensee." Standard & Poor's®, S&P,® and S&P 500® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P") and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Licensee. Licensee Fixed Index Annuity Product(s) are not sponsored, endorsed, sold or promoted by SPDJI, S&P, or their respective affiliates, and none of such parties makes any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500® Index.

Although the contract value may be affected by the performance of an index, the contract is not a security and 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.

About Genworth Financial

Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company committed to helping families become more financially secure, self-reliant and prepared for the future. Genworth has leadership positions in long term care insurance and mortgage insurance and competitive offerings in life insurance and fixed annuities that assist consumers in solving their insurance, retirement and home ownership needs.

Genworth operates through three divisions: U.S. Life Insurance, which includes life insurance, long term care insurance and fixed annuities; Global Mortgage Insurance, containing U.S. Mortgage Insurance and International Mortgage Insurance segments; and the Corporate and Other division, which includes the International Protection and Runoff segments. Products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth, headquartered in Richmond, Virginia, traces its roots back to 1871 and became a public company in 2004. 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. From time to time, Genworth's publicly traded subsidiaries, Genworth MI Canada Inc. and Genworth Mortgage Insurance Australia Limited, separately release financial and other information about their operations. This information can be found at http://www.genworth.com.au and http://genworth.ca.

¹ Genworth's The Future of Retirement Income Study, 2012
² Xu JQ, Kochanek KD, Murphy SL, Arias E, Mortality in the United States, 2012. NCHS Data Brief, No. 168, National Center for Health Statistics. October 2014.

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SOURCE Genworth Financial, Inc.

Related Links

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