Expands annuity offerings with competitive rate product
RICHMOND, Va., April 5, 2010 /PRNewswire via COMTEX/ --Genworth Financial, Inc., (NYSE: GNW) announced today a new annuity product addition, SecureLiving(R) Rate Saver. This product is a fixed single premium deferred annuity with market value adjustment. It offers consumers a secure retirement option in a product with competitive rates. The product is issued by Genworth Life and Annuity Insurance Company.
"Increasingly, consumers are looking for a 'CD alternative' product that can provide consistent growth during turbulent market conditions," said Chris Grady, President, Distribution and Marketing, U.S. Life Companies. SecureLiving Rate Saver does just 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. "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."
In addition to offering a smart alternative for their conservative buy and hold clients, producers will like this product because it is a rate-based sale. "With attractive rates and compensation, top-tier service and sales support, producers will be able to add this product to their offerings, helping to grow their business in the important, but underserved and under protected Main Street consumer market," continued Grady.
SecureLiving(R) Rate Saver features include:
- Tax-deferred earnings growth
- Choice of a 5 or 7 year interest rate guarantee period
- Available up to age 85
Consumers may benefit from this product if they:
- Seek a secure way to save for retirement
- Seek a guaranteed interest rate
- Look for tax-deferred accumulation
- Flexible income payment options
SecureLiving Rate Saver joins a growing portfolio of new and enhanced products introduced in recent months. Early last fall the Genworth Financial companies launched the GenGuard(SM) suite of universal life insurance products that help consumers match financial security needs to appropriate death-benefit guarantees(1) at competitive premiums; and this past November, the companies introduced Colony(SM) Term UL, a new breed of universal life insurance that competes with term life insurance and is designed to address the same financial security needs of the term life buyer. And last week, Genworth Life Insurance Company introduced a new linked-benefit product called Total Living Coverage(R) Annuity that provides a flexible way to link the tax-deferred growth of an annuity with long term care benefits.
(1) 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.
Insurance and annuities underwritten and issued by Genworth Life and Annuity Insurance Company, Genworth Life Insurance Company, Richmond, VA and 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 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.