Company Officials Say New GE Principal Protection Advantage(SM) Can Play a Powerful Role in Helping Clients Accomplish Their Financial Goals
RICHMOND, Va., Oct 25, 2004 /PRNewswire-FirstCall via COMTEX/ -- Genworth Financial
(NYSE: GNW) today announced another innovative way to help meet the diverse
retirement needs of Americans -- GE Principal Protection Advantage(SM), a
rider available on select variable annuities issued by GE Life and Annuity
Assurance Company. As a key feature of variable annuities with GE Principal
Protection Advantage, a contract holder who is at or nearing retirement (or
his or her beneficiary) is guaranteed to receive income payments totaling no
less than their original investment, yet have the potential to receive more
depending on sub-account performance. By coupling guaranteed income with
potential market upside, customers can help manage the risk of a poor interest
rate or equity market environment at or near retirement.
GE Principal Protection Advantage is the latest income-oriented option
driven by the positive reception of the GE Retirement Answer(R) variable
annuity, introduced in 2002. The underlying concept for the two is similar in
that contract holders are guaranteed a minimum level of retirement income, but
also have the ability to receive increased income based on equity market
driven sub-account performance.
Top Notch Tools & Education To Support Clients
"In addition to our broad product menu, we're proud of the education and
tools we provide to financial professionals so they can help clients address
the major retirement planning challenges of market volatility, longevity,
inflation and healthcare risk," said Pam Schutz, President & CEO of Genworth
Financial's Retirement Income & Investments business. "To provide additional
support to financial professionals, we're also continuing to significantly
expand our number of field wholesalers and retirement income specialists."
"Each investor's situation is different," said Robert T. Methven,
Retirement Services Group leader at Genworth Financial. "Clients and their
financial professionals face a complex retirement planning landscape today.
Our series of products is designed to help meet the various retirement
challenges, depending on age and need.
"Whether you are investing for future income during the accumulation
stage, creating guaranteed income at or near retirement, or looking to
preserve principal to pass on to your heirs, our retirement income suite can
play a powerful role in helping you accomplish your goals."
An Income & Protection Suite For All Retirement Stages
Genworth Financial's underwriting companies offer a robust line of
retirement income products serving a wide spectrum of investors, allowing for
added flexibility in the pursuit of retirement goals:
* GE Retirement Answer variable annuity, introduced by GE Life & Annuity
in 2002, allows long-term investors to select how much income they want
to begin receiving at a "retirement" date at least ten years in the
future based on how much they want to contribute on a lump sum or
monthly basis. This guaranteed minimum lifetime income may increase
based on equity market driven performance of the assets invested in the
* GE Guaranteed Income Advantage(SM), introduced in 2004, is a rider
designed for long-term investors who want to allocate assets within
their GE Life & Annuity variable annuity toward retirement income needs
at least ten years in the future. Again, contract holders are
guaranteed a minimum lifetime income based on contributions to the
rider, but may also receive more based on equity market driven
performance of the assets in the sub-account.
* GE Principal Protection Advantage is a variable annuity rider from GE
Life & Annuity designed for those at or nearing retirement who want to
secure a guaranteed level of lifetime income no less than their
original investment or their Reset amount. This income must begin at
least three years in the future with upside potential based on equity
market driven performance of the assets in the sub-accounts.
* GE Guaranteed Withdrawal Advantage(SM) is a variable annuity rider from
GE Life & Annuity designed for those at or near retirement who want to
receive at least their original investment back in the form of
As an industry leader in long-term care insurance, term life and single
premium immediate annuities, Genworth companies offer a suite of products that
address both protection and retirement income planning needs across a full
range of demographics and life stages.
GE Guaranteed Income Advantage, GE Principal Protection Advantage and GE
Guaranteed Withdrawal Advantage are available with the GE Choice Variable
Annuity(R), GE Freedom(R) and GE Selections variable annuity products. The
Genworth Financial family of companies offers these products to investors
through a broad network of financial professionals; national, regional,
independent and bank broker/dealers; as well as its own Terra Securities
Genworth Financial is a leading insurance holding company, serving the
lifestyle protection, retirement income, investment and mortgage insurance
needs of more than 15 million customers, with operations in 20 countries,
including the U.S., Canada, Australia and the U.K. and more than a dozen other
European countries. For more information, visit http://www.genworth.com.
You can obtain prospectuses by calling 1-888-GENWORTH. Variable annuities
are sold by prospectus for the 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
investment companies, that should be carefully considered. Please read the
prospectuses carefully before investing.
Variable annuities issued by GE Life and Annuity Assurance Company, 6610
West Broad Street, Richmond, VA 23230. Principal underwriter: Capital
Brokerage Corporation, 3001 Summer Street, P.O. Box 120041, Stamford, CT
06912-0041. Member NASD/SIPC. GE Life & Annuity, Terra Securities
Corporation and Capital Brokerage Corporation are members of the GE Financial
family of companies, now proudly part of Genworth Financial, Inc.
GE Choice Variable Annuity(R) and GE Selections(R) are GE Life and Annuity
Assurance Company's flexible premium variable deferred annuities, policy form
P1154 4/00 and P1156 9/00 and the Guaranteed Income Rider, known as GE
Guaranteed Income Advantage(SM) P5268 9/03, P5268U 9/03, the Payment
Protection Rider, known as GE Principal Protection Advantage(SM) P5269 9/03,
the Guaranteed Minimum Withdrawal Rider, known as GE Guaranteed Withdrawal
Advantage(SM) P5263 2/04. GE Freedom(R) variable annuity is GE Life &
Annuity's flexible premium variable deferred annuity, policy form P1151 1/99,
and the Guaranteed Income Rider, known as GE Guaranteed Income Advantage(SM)
P5271 9/03, P5271U 9/03, the Payment Protection Rider, known as GE Principal
Protection Advantage(SM) P5273 9/03, the Guaranteed Minimum Withdrawal Rider,
known as GE Guaranteed Withdrawal Advantage(SM) P5274 2/04. Features and
benefits not available in all states and markets. Features and benefits may
vary by state and market.
All guarantees are based on the claims-paying ability of GE Life &
Annuity. For GE Retirement Answer all guarantees also depend on all required
purchase payments and other contract requirements being satisfied. If all
required purchase payments are not made, clients will still receive retirement
payments beginning on the date chosen; however, they may have a forfeiture or
reduction of the minimum guarantee.
Variable annuities are long-term investment vehicles designed for
retirement purposes. Withdrawals/surrenders reduce the contract value and any
death benefits. Withdrawals/surrenders of taxable amounts are subject to
ordinary income taxes and, if taken prior to age 59 1/2, an additional 10% IRS
penalty tax may apply. Surrender charges may also apply.
Withdrawals/surrenders that reduce the contract value below the contract
minimum will cause the contract to be surrendered in full.
SOURCE Genworth Financial
Tim Benedict of Genworth Financial, +1-203-708-3123, or