RICHMOND, Va., June 26, 2013 /PRNewswire/ -- In response to producers' demand for better resources to help them educate their clients about the benefits of index products, Genworth has launched The Index InstituteSM, a first-of-its-kind virtual community for producers. The Index Institute contains index life insurance and index annuity training, market insights, presentations, product information and cutting-edge sales ideas.
"During extensive research with producers, they told us they needed resources to more easily help them bring the benefits of index products to their clients," said Pat Foley, president, U.S. Life Distribution & Marketing at Genworth. "We responded by developing an easy-to-use portal that pulls together a host of rich content, ranging from the basics of index products to powerful sales materials that will help them tap into the growing popularity of these products."
Index Universal Life (Index UL) insurance has grown from a $330 million market in 2006 to a $1.5 billion market in 2012.1 Sales soared 42 percent in Q4 and improved 36 percent for the year,2 representing 30 percent of total UL premiums and 12 percent of all individual life insurance premiums.3 Similarly, Fixed Index Annuities (FIAs) are experiencing a surge in popularity. FIAs have turned in five consecutive record-breaking years of growth, finishing 2012 with $33.9 billion in sales.4 FIAs represented 47 percent of total annuities sold in 2012.5
Charlie Gipple, national director of Index Products at Genworth, added: "Our goal with this new online community is to provide the education, tools and support necessary to help producers -- whether they're just starting to learn about index products or proven pros -- better counsel their clients on the role index products can play in helping them achieve their financial goals."
Genworth recently introduced a new index universal life insurance product, Asset Builder Index UL, to help meet customer demand for a flexible life insurance solution that offers a death benefit, cash accumulation and an optional Accelerated Benefit Rider for Long Term Care Services (ABR). The ABR, which is available at an additional cost, allows the policyowner to access the death benefit to pay for covered long term care services.
Genworth also offers fixed index annuities, including its SecureLiving® Index 5, Index 7 and Index 10 Plus products, that offer contract owners greater growth potential with the patent pending CapMax interest crediting option, competitive rates, and the opportunity to prepare for the unpredictable while planning for or during retirement.
Consumers can learn more about annuities and how they can help achieve their retirement goals at: https://www.genworth.com/products/annuity.html#tab1-tab.
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.
1-3 LIMRA, U.S. Individual Life Insurance sales, Fourth quarter 2012
4-5 "Annuity Industry Estimates" YTD 2012, LIMRA
Asset Builder Index UL is underwritten by Genworth Life and Annuity Insurance Company and Genworth Life Insurance Company, Richmond, VA.
SOURCE Genworth Financial, Inc.
Genworth, Julie Westermann, 804-662-2423, email@example.com or Prosek Partners, Julia Ehrenfeld, 212-279-3115 ext. 223, firstname.lastname@example.org