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  • 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.

    # # #

    Originally Posted at MulitVu on December 12, 2011 by N/A.

    Categories: Industry Articles
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