Genworth Life and Annuity Insurance Company, and Genworth Life Insurance Company of New York - subsidiaries of Genworth Financial - have launched RetireReady, a new IRA annuity product.

The individual retirement arrangement (IRA) annuity is a new retirement product that combines the traditional benefits of an IRA with the ability to provide a guaranteed income stream that only an annuity can provide. This contract can only be issued as, and must be maintained as, an IRA, Roth IRA or SEP IRA contract or within such qualified accounts.

According to the company, benefits of the new IRA include: advisor confidence, optional lifetime withdrawal benefit, and two surrender options.

Christopher Grady, president of retirement income division at Genworth, said: Our RetireReady IRA annuity product is another example of our innovation in the retirement and planning space. The RetireReady IRA annuity fills a critical consumer demand that assures income will last a lifetime with the potential for growth over time.