Genworth Introduces New FIA With Lifetime Income Rider
"With defined pension plans becoming increasingly rare, SecureLiving® Growth+ with IncomeChoice rider is a great fit for consumers who are seeking solutions to fund their own retirement," said
SecureLiving® Growth+ with IncomeChoice also offers the potential for contract owners to double their income for up to five consecutive years when they are confined to a medical care facility*. And it is the only fixed index annuity on the market that provides access to caregiver support advocates who can help answer care-related questions, access care and help identify potential care facilities. This service is available to the contract owner and immediate family on day one of the contract.**
Based on consumer demand for more flexibility and customization in their retirement funding solutions,
- Greater growth potential through 50 percent credit enhancements before income begins and while the rider is in effect
- Four index crediting strategies based on the S&P 500® Index, including a new patent-pending two-year trigger crediting strategy
- Bailout renewal protection that enables the contract owner to make full or partial withdrawals from their contract without surrender charge or market value adjustment and a prorated rider charge if, during the surrender charge period, the renewal cap for the annual cap strategy is below the bailout rate
- IncomeChoice rider that provides a guaranteed lifetime withdrawal benefit, which offers a choice, at retirement, of increasing or level income options*** for a 1.10% annual charge
- The ability to start income distributions anytime after the first contract year without being restricted by the contract anniversary window
- Competitive caps and rates
According to
"Including SecureLiving®Growth+ with IncomeChoice in a retirement income plan will protect that portion of your retirement savings from principal loss due to market volatility and ensure that a percentage of your income lasts as long as you live and has the ability to increase before and after income begins," Hensley said. "Few products can offer the same level of flexibility and opportunity for growth."
Consumers can learn more about different types of annuities, including SecureLiving Growth+ with Income Choice rider, and how they can use these products to achieve their retirement goals by visiting
Find them on Facebook at: https://www.facebook.com/pages/Genworth/165752860178415.
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To contact a Genworth Representative, please visit: https://www.genworth.com/contact-us.html or call 1-888-
*To qualify, the contract must have been in force for at least two years and the contract owner must be in a licensed medical facility under full-time care as prescribed by a doctor and have been in the facility for at least 30 days.
**The caregiver support services may be changed or discontinued at any time.
***If you elect increasing income when you begin your income withdrawals your initial income withdrawal will be less than the level income withdrawal option.
Disclaimers
SecureLiving® Growth+ Individual Single Premium Deferred Annuity with Income Choice rider, market value adjustment, and optional indexed interest crediting, policy form subject to policy forms GA3005-1113, GA304R-0714, ICC14GA304R et al. Features may not be available in all states. In
All guarantees are based on the claims-paying ability of Genworth Life & Annuity.
Withdrawals may be taxable and a 10% federal penalty may apply to withdrawals taken before age 59½. 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.
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
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.
About
1 Genworth's The Future of Retirement Income Study, 2012
2 Xu JQ, Kochanek KD, Murphy SL, Arias E, Mortality in
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