Genworth Financial has launched two index annuities, the SecureLiving Index 7 and SecureLiving Index 10 Plus, intended to meet the raising requirements of the America’s security-conscious consumers.
As a single premium, Genworth Life and Annuity Insurance Company will offer the two fixed deferred annuities on index-based and fixed interest crediting strategies, allowing consumers to allocate premium across five different crediting strategies depending on the individual needs and risk tolerances.
Genworth senior vice president for annuity product development Paul Haley said their SecureLiving suite of products is designed for consumers weary of investment volatility and eager to protect their money from unpredictable market fluctuations.
The products also allow the contract holders to access their money through 10% free annual withdrawals that begins in the year two and also facilitates the optional Income Protection rider, a waiver for confinement to a medical care facility and annuitization options.
The dual products require a least single premium of $25,000 or more and the customers must be of the age 80 or younger to apply.
The products also feature 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.