Products Help Consumers Match Financial Security Needs to Appropriate Death Benefit Guarantees at Competitive Premiums
RICHMOND, Va., Sept. 28 /PRNewswire-FirstCall/ -- Continuing a tradition of delivering products with strong consumer and distributor value, Genworth Financial, Inc., (NYSE: GNW) announced today a new suite of Universal Life (UL) insurance products called GenGuard(SM) SUL -- a survivorship universal life insurance product -- and GenGuard(SM) UL. Both products will be underwritten by Genworth Life and Annuity Insurance Company and Genworth Life Insurance Company of New York (in New York only). GenGuard UL also is offered through Genworth Life Insurance Company.
"Our goal with these new product designs is simple -- to make life insurance affordable, predictable and accessible to the underserved 'Main Street' consumer market," said Buck Stinson, president of Genworth's U.S. Life Insurance Products. "With the GenGuard portfolio, consumers can select the death benefit guarantee* period that suits their anticipated lifespan and financial planning needs. And, if they elect to shorten the guarantee period, consumers can lower the premium necessary to maintain coverage -- a real plus in today's economy, where people have more limited discretionary funds but still need the important protection that life insurance provides."
Benefits of this product design include:
-- The potential for lower premiums. By allowing the consumer to reduce the
death benefit guarantee from "lifetime" -- typically defined as age 121
-- to a younger age, such as 105 or 110, consumers have greater
flexibility and control when it comes to purchasing life insurance
coverage that meets their individual needs -- at more affordable
-- Enhanced product offerings for the "Main Street" market. By offering
innovative products with powerful purchasing incentives designed to meet
the needs of consumers and a lower annual premium for the same face
amount, Genworth is helping to expand the market, and open up new
markets, for distributors.
GenGuard products offer competitive planned premiums to age 105 for GenGuard UL and 110 for GenGuard SUL, and face amounts up to $5 million. Both products provide the features traditionally offered in UL products, including premium payment flexibility and policy loan options. In addition, GenGuard UL also offer attractive cash value build-up.
"We believe these are the right products at the right time," continued Stinson. "Our competitive coverage can be a smart choice for consumers -- it can save them premiums over the life of the policy and help them achieve their protection and retirement security goals, providing a sense of security today and for the future. Combined with Genworth's service advantages, underwriting expertise, comprehensive sales support, and ease of doing business for both consumers and distributors, we're helping consumers plan for and live a financially secure retirement."
* Death benefit guarantee refers to a conditional guarantee that can keep the policy in force even if policy values do not. Certain policy rights, if exercised, can end this guarantee.
Genworth Life and Annuity Insurance Company and Genworth Life Insurance Company, Richmond, VA
Genworth Life Insurance Company of New York' New York , NY
Only Genworth Life of New York is licensed to conduct business in New York.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) 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
Thomas R. Topinka of Genworth Financial, +1-804-662-2444, Thomas.Topinka@genworth.com