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As single premium, fixed deferred annuities, SecureLiving® Index 7 and SecureLiving® Index 10 Plus offer index-based and fixed interest crediting strategies. Consumers can allocate premium across five different crediting strategies based on individual needs and risk tolerances.
In addition, contract holders have access to their money through 10% free annual withdrawals beginning in year two, the optional Income Protection rider, a waiver for confinement to a medical care facility and annuitization options. Both products require a minimum single premium of
The products are loaded with other competitive features including competitive cap rates, multi-year guaranteed fixed options, guaranteed minimum accumulation or premium enhancement, an innovative bailout feature, jumbo rates and caps for premiums above
"We listened to both consumers and our distribution partners in creating these products," said Haley. "With growing numbers of baby boomers approaching retirement, we think we have the right products at the right time to help them prepare for a secure retirement."
Other key features and benefits include:
- Premium Enhancement: 5% premium enhancement to the contract value beginning on the day the contract goes into effect SecureLiving® Index 10 Plus only (subject to a vesting schedule)
- Guaranteed Minimum Accumulation: 107% of premium less rider charges and adjustments for withdrawals SecureLiving® Index 7 only
- Tax deferred growth
- Five crediting strategies:
- Index-based annual cap strategy
- Index-based monthly cap strategy
- Index-based performance triggered strategy
- 7 or 10-year fixed rate strategy
- 1-year fixed rate strategy
- Up to 10% free withdrawals each year beginning in year two
- Optional Income Protection Rider – Guaranteed Lifetime Income Withdrawals
- Innovative bail out feature
- 7 or 10-year surrender charge period, with market value adjustment
SecureLiving® Index 7 and SecureLiving® Index 10 Plus are Issued by:
SecureLiving® Index 7 individual single premium fixed deferred annuity with market value adjustment and optional indexed interest crediting is issued by
SecureLiving® Index 10 Plus individual single premium fixed deferred annuity with market value adjustment and optional indexed interest crediting is issued by
Products and/or riders may not be available in all states or markets. Features and benefits may also vary be state or market.
This is a product summary. Please refer to the contract for a complete and detailed explanation of benefits, limitations, and restrictions.
All guarantees are based on the claims-paying ability of Genworth Life & Annuity.
Although the contract value may be affected by the performance of an index, the contract 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.