RICHMOND, Va., June 17, 2013 /PRNewswire/ -- Genworth today announced the expansion of its family of SecureLiving® Fixed Index Annuities to include a five-year, single premium, fixed deferred annuity with a four percent guaranteed minimum accumulation value.
"Our new SecureLiving® Index 5 is a great tax-deferred accumulation option for consumers whose CDs are coming up for renewal," said Pat Foley, president of U.S. Life Insurance Distribution and Marketing at Genworth. "With interest crediting linked to the S&P 500® Index, the Secure Living Index 5 has the potential to outperform other financial products that are seeing historically low interest rates such as CDs and Money Market accounts during the same time period."
As a fixed annuity, the contract value is protected against downturns in the S&P 500® Index, meaning that all premium and interest credited can never be lost due to index decline. SecureLiving Index 5 goes one step further and guarantees 104 percent of the premium at the end of the surrender charge period, less adjustments for withdrawals, even if there is an extended down market. This important benefit is included in every contract at no additional cost.
Beginning in the second year, contract owners may withdraw up to 10 percent of the contract value each year without incurring a surrender charge or market value adjustment. As an added measure of security, a bailout provision allows the annuity owner to withdraw the entire contract value of the annuity, without penalty, if the declared annual cap on the annual cap strategy falls below the contract's bailout cap. The bailout cap is declared at contract issue and will not change during the life of the contract.
SecureLiving® Index 5 has six interest-crediting strategies: two fixed rate options and four index crediting rate options, including Genworth's patent-pending CapMaxSM interest crediting methodology. Available exclusively on Genworth's SecureLiving® Index Annuities, the CapMax option provides the potential for the contract value to grow more quickly than with traditional index crediting methods in years of consecutive positive index growth. Each year, SecureLiving Index annuity contract owners can change their strategy allocations.*
Genworth's SecureLiving family of fixed index annuities also includes SecureLiving® Index 7 and SecureLiving® Index 10 Plus. SecureLiving® Index Annuities are issued by Genworth Life and Annuity Insurance Company, Richmond, VA.
*The five-year fixed interest crediting strategy is available only at contract issue; in subsequent years, the contract owner can only allocate out of this strategy. The one-year fixed interest crediting strategy is available to allocate into after the first contract year.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures. Genworth companies have leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement -- including life insurance, long term care insurance, financial protection coverages, and independent advisor-based wealth management -- and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.
Genworth operates through three divisions: U.S. Life Insurance, which includes life insurance, long term care insurance and fixed annuities; Global Mortgage Insurance, containing U.S. Mortgage Insurance and International Mortgage Insurance segments; and the Corporate and Other division, which includes the International Protection and Runoff segments and the wealth management business presented as discontinued operations. Products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, Inc., headquartered in Richmond, Virginia, traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com. From time to time, Genworth Financial, Inc. 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.
SecureLiving® Index 5 individual single premium deferred annuity with market value adjustment and optional index interest crediting is issued by Genworth Life and Annuity Insurance Company, policy form series GA3003-0711 et. al. Products and/or riders may not be available in all states or markets. Features and benefits may also vary by state or market.
All guarantees are based on the claims-paying ability of Genworth Life & Annuity.
The discussion of tax treatments in this material is Genworth's interpretation of current tax law and is not intended as tax advice. You should consult your tax professional regarding your specific situation.
Withdrawals may be taxable and a 10% federal penalty may apply to withdrawals taken before age 59½.
The S&P 500® Index is a price index and does not reflect dividends paid on the underlying stocks.
The S&P 500® Index is a product of S&P Dow Jones Indices LLC ("SPDJI") and has been licensed for use by Genworth Life and Annuity Insurance Company and Genworth Life Insurance Company hereinafter referred to as "Licensee". Standard & Poor's®, S&P®, and S&P 500® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P") and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Licensee. Licensee Index Annuity Product(s) are not sponsored, endorsed, sold or promoted by SPDJI, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500® Index.
Although the contract value may be affected by the performance of an index, the contract is not a security and does not directly or indirectly participate in any stock or equity investment including but not limited to, any dividend payment attributable to any such stock or equity investment. This is a brief product description. Consult the annuity contract for a detailed description of benefits, limitations, and restrictions. The contract terms and provisions will prevail.
SOURCE Genworth Financial, Inc.
Media: Genworth, Julie Westermann, 804-662-2423, firstname.lastname@example.org