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 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.
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.