--RetireReady(SM) One Helps Clients Seeking Certainty and ClarityRICHMOND Va., July 20, 2009 /PRNewswire-FirstCall via COMTEX/ -- Genworth Life and Annuity Insurance Company (Genworth), a subsidiary of Genworth Financial, Inc. (NYSE: GNW) today announced the launch of RetireReady(SM) One, their newest variable annuity. A more streamlined income product with all-in-one flexibility, RetireReady One is designed to improve the advisors' experience with focused options to make it easier to personalize a guaranteed income strategy for clients.
RetireReady One includes a simplified application, surrender charge schedule flexibility in a single contract and a more focused menu of underlying investment portfolios.
For individuals and families, RetireReady One offers a basic death benefit and the ability to annuitize the contract to provide a guaranteed stream of income. In addition, guaranteed income rider options are available for an additional cost and are designed to provide income certainty and predictability - a way to structure a personal pension-like program that is understandable and easy to track.
"In today's economy, many investors have seen the value of their savings decline dramatically and people are looking for ways to protect their retirement income. They want to have greater confidence in their retirement and their finances going forward," said Chris Grady, president of Genworth U.S. Life Insurance Distribution. "The optional living benefit riders available with RetireReady One can offer clients guaranteed lifetime income, with income protection in a declining market and the opportunity to benefit from a rising market."
According to the Employee Benefits Research Institute's 2009 Retirement Confidence Survey, workers who say they are very confident about having enough money for a comfortable retirement dropped to 13% (down from 41% in 2007) the lowest level since the survey's inception in 1993.
"We designed RetireReady One and the available optional riders with an understanding of families' needs and desires to have a clearer view of what their financial future can look like," said Grady. "We talk to so many people who are now thinking that they may have to delay retirement - even questioning whether they will be able to retire. While one product can't answer all of these questions, by combining RetireReady One with an optional living benefit rider clients can allocate a portion of their assets toward an income plan that can offer some certainty - no matter what happens in the market."
Grady continued, "Genworth recognizes the growing need for greater retirement security. We are working to come up with ways to make our products easier - easier to implement, easier to understand, easier to track - to make them more accessible."
Variable annuities are sold by prospectuses for the product and underlying investment portfolios. The prospectuses contain information on the investment objectives, risk factors, fees and charges, as well as other important information about the product and underlying investment portfolios that should be carefully considered. Please read the prospectuses before investing. You can obtain prospectuses by calling 888 GENWORTH.
Variable Annuities Issued by: Genworth Life and Annuity Insurance Company 6610 West Broad Street, Richmond, VA 23230
Principal underwriter: Capital Brokerage Corporation (dba Genworth Financial Brokerage Corporation in Indiana) 6620 West Broad Street, Building 2, Richmond, VA 23230
Genworth Life & Annuity and Capital Brokerage Corporation are Genworth Financial companies.
RetireReady(SM) One Variable Annuity is one of Genworth Life and Annuity Insurance Company's flexible premium variable deferred annuities, policy form P1165 4/05.
Products and/or riders may not be available in all states and markets. Features and benefits may also vary by state or market. Check with a registered representative for state availability and limitations.
All guarantees are based on the claims-paying ability of Genworth Life and Annuity Insurance Company.
The underlying portfolios will fluctuate and could lose value.
Variable annuities are long-term investments designed for retirement purposes.
About Genworth Financial
Genworth Financial, Inc. is a leading Fortune 500 global financial security company. Genworth has more than $100 billion in assets and employs approximately 6,000 people with a presence in more than 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of more than 15 million customers. Genworth operates through three segments: Retirement and Protection, U.S. Mortgage Insurance and International. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit Genworth.com. From time to time Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of Genworth.com.
SOURCE Genworth Financial, Inc.