Genworth Financial, Inc., Richmond, Va. (NYSE:GNW), has launched two new index annuities. Dubbed SecureLiving Index 7 and SecureLiving Index 10 Plus, the products will be issued by Genworth Life and Annuity Insurance Company.
Genworth says the single-premium, fixed deferred annuities offer index-based and fixed interest crediting strategies. Consumers can allocate premium across five crediting strategies based on individual needs and risk tolerances.
In addition, contract holders can access their money through: (1) 10% free annual withdrawals beginning in year two; (2) the optional income protection rider; (3) a waiver for confinement to a medical care facility; and (4) annuitization options.
Both products, says Genworth, require a minimum single premium of $25,000 or more. Individuals must also be 80 or younger to apply (age 85 for SecureLiving Index 7).
The company adds the products also feature competitive cap rates, multi-year guaranteed fixed options, guaranteed minimum accumulation or premium enhancement, a “bailout” feature, jumbo rates and caps for premiums above $100,000 and $250,000, plus the optional income protection rider with daily benefit base growth.
Pacific Life Insurance Company, Newport Beach, Calif., has debuted Pacific Index Choice, a deferred, fixed indexed annuity. The company says the product offers index-linked options for earning interest based on the movement of either the S&P 500 index or the MSCI All Country World Index, which encompasses 45 developed and emerging markets.
When the index rises, the account earns interest. Should the index fall, there is no loss of contract value.
The Index-Linked Options also offer a choice of crediting methods, including: (1) have interest credited at the end of each one or two contract years, where the interest rate is equal to the index return, subject to a cap; or (2) have interest credited at the end of each one contract year, wherein the interest
rate is fixed and guaranteed throughout one of three initial guarantee periods (six, eight, or 10 years) selected by the client.
Pacific Life adds that clients earn an immediate credit enhancement at the time they purchase Pacific Index Choice. They can also allocate some or all of their money to a fixed account option that earns a guaranteed interest rate for a specific period of time.