Genworth Life and Annuity Insurance, a subsidiary of Genworth Financial, and AssetMark Investment Services have jointly launched their new group guaranteed income annuity product, LifeHarbor.
LifeHarbor helps protect an investor’s retirement plan by providing an income guarantee while allowing investors to remain invested in a mutual fund or exchange traded fund portfolio on AssetMark’s managed account platform.
The product is designed to meet the needs of consumers who have planned well for retirement, but remain at risk of outliving their retirement savings due to market fluctuations, longevity, inflation and other unforeseen events.
LifeHarbor enables investors who have a disciplined investment strategy to add an annuity, which provides an income guarantee. With LifeHarbor, investors will receive income for life, even if the markets have depleted their portfolio below the specified account minimum by participating in a group annuity that will guarantee income for life beginning at age 65.
The minimum investment for an AssetMark account with LifeHarbor is $50,000 for a mutual fund investment model and $100,000 for an exchange traded fund investment model.