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Product of the Week

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Genworth Life And Annuity Insurance Company (Genworth), Richmond, Va., a subsidiary of Genworth Financial Inc., has launched RetireReady One, its newest variable annuity. A more streamlined income product with all-in-one flexibility, RetireReady One is designed to improve the advisors’ experience with focused options to make it easier to personalize a guaranteed income strategy for clients.

RetireReady One includes a simplified application, surrender charge schedule flexibility in a single contract and a more focused menu of underlying investment portfolios.

According to the Employee Benefits Research Institute’s 2009 Retirement Confidence Survey, workers who say they are very confident about having enough money for a comfortable retirement dropped to 13% (down from 41% in 2007) the lowest level since the survey’s inception in 1993.

For individuals and families, RetireReady One offers a basic death benefit and the ability to annuitize the contract to provide a guaranteed stream of income. In addition, guaranteed income rider options are available for an additional cost and are designed to provide income certainty and predictability — a way to structure a personal pension-like program that is understandable and easy to track.

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