Genworth Financial Inc. yesterday announced a new annuity product addition, SecureLiving Rate Saver, to be issued by Genworth Life and Annuity Insurance Co. A fixed, single-premium deferred annuity with market value adjustment, it is designed to offer consumers a secure retirement option in a product with competitive rates.
"Increasingly, consumers are looking for a 'CD alternative' product that can provide consistent growth during turbulent market conditions," said Chris Grady, president, distribution and marketing, U.S. life companies.
The Market Value Adjustment provision allows Genworth Life & Annuity the ability to offer a higher interest rate than would otherwise be available on a similar product without this provision.
"For many consumers, there is nothing more important than knowing their retirement assets are safe and secure, while they receive the competitive rates they desire," Grady adds.
SecureLiving Rate Saver features include:
• Tax-deferred earnings growth
• Choice of a 5 or 7 year interest rate guarantee period
• Available up to age 85
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