Genworth Financial has expanded its family of SecureLiving Fixed Index Annuities with the launch of SecureLiving Index 5, a five-year, single premium fixed deferred annuity.
The new annuity assures 104% of the premium at the end of the surrender charge period, excluding adjustments for withdrawals, despite extended down market and is included in every contract without additional cost.
Genworth president of US life insurance distribution and marketing Pat Foley said, the new product is a great tax-deferred accumulation option for consumers whose CDs are coming up for renewal.
"With interest crediting linked to the S&P 500 Index, the Secure Living Index 5 has the potential to outperform other financial products that are seeing historically low interest rates such as CDs and Money Market accounts during the same time period," added Foley.
With SecureLiving Index 5, contract owners may withdraw up to 10% of the contract value per annum without incurring a surrender charge in the second year.
In the event the declared annual cap on the annual cap strategy falls below the contract’s bailout cap, a bailout provision enables the annuity owner to withdraw the entire contract value of the annuity without fine.
Interest-crediting strategies of SecureLiving Index 5 include two fixed rate options and four index crediting rate options, including the company’s CapMax interest crediting methodology.