Genworth Financial has launched SecureLiving Rate Saver, a fixed single premium deferred annuity with market value adjustment to portfolio, providing consumers a secure retirement option with competitive rates.
According to Genworth, the new annuity product features a tax-deferred earnings growth, a choice of a 5 or 7 year interest rate guarantee period and it is available up to age 85.
In addition, the company said that the consumers may benefit from the product if they seek a secure way to save for retirement, seek a guaranteed interest rate, look for tax-deferred accumulation or if they have flexible income payment options.
The company said that the market value adjustment provision allows Genworth Life & Annuity the ability to offer a higher interest rate than would otherwise be available on a similar product without this provision
Chris Grady, president of distribution and marketing for US Life Companies, said: “For many consumers, there is nothing more important than knowing their retirement assets are safe and secure, while they receive the competitive rates they desire.”