Genworth Life and Annuity Insurance Company has designed its new flexible-premium variable annuity to address individual and family need for guaranteed retirement income.
Called RetireReady One, the policy offers what Genworth terms “all-in-one flexibility.”
It includes a simplified application, surrender charge schedule flexibility in a single contract, a basic death benefit, and a focused menu of underlying investment portfolios, says Genworth, a subsidiary of Genworth Financial Inc., Richmond, Va.
The policy also offers optional living benefit riders, available for an additional cost. The riders provide for guaranteed lifetime income, with income protection in a declining market and the opportunity to benefit from a rising market, according to Chris Grady, president of Genworth U.S. Life Insurance Distribution.
The design should make it easier for advisors to personalize a guaranteed income strategy for clients, Genworth says.
“Genworth recognizes the growing need for greater retirement security,” says Grady. “We are working to come up with ways to make our products easier–easier to implement, easier to understand, easier to track–(and) to make them more accessible.”
All guarantees are based on the claims-paying ability of Genworth, the company says.