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Life Health > Life Insurance

Genworth Units Offer Fund Income Guarantee

By Staff Writer

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A financial services company has come up with a program that combines managed account services with an annuity contract.

AssetMark Investment Services Inc. and Genworth Life and Annuity Insurance Company, units of Genworth Financial Inc., Richmond, Va., have introduced the LifeHarbor group guaranteed income annuity product.

The LifeHarbor program can create a guaranteed income stream for investors who invest in mutual funds or exchange-traded fund portfolios through AssetMark, according to Genworth.

If bear markets reduce the portfolio value below a specified minimum, Genworth Life will pay group annuity participants a guaranteed income stream starting when the participants turn 65, Genworth says.

A LifeHarbor annuity holder could withdraw up to 5% of the account value each year, Genworth says.

The AssetMark unit will be selling the product through independent broker-dealers, Genworth says.

The minimum investment for an AssetMark account with LifeHarbor is $50,000 for a mutual fund investment model and $100,000 for an ETF investment model.

Genworth Life is responsible for backing the program guarantees.

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