Genworth Financial Inc., providing the latest example of the life insurance industry responding to an appetite for guaranteed income products and a favorable regulatory climate, has introduced a new annuity with a lifetime income rider.
And the Richmond, Virginia-based insurer is hoping to expand its target market to include those as young as 45.
Genworth’s SecureLiving Growth with IncomeChoice annuity offers protection from market losses, growth potential greater than prevailing interest rates and guaranteed lifetime income.
The IncomeChoice rider gives contract owners the option of increasing or decreasing their payout levels once they begin drawing income at retirement. In the event of an elected adjustment, an annual charge of 1.1 percent is levied.
Genworth also has created a special provision in the annuity that allows contract holders to double the income they withdraw from the annuity for up to five years if they are confined to a medical care facility.