Genworth's fixed index annuity product, SecureLiving, has been updated to include a five-year, single-premium, fixed deferred annuity with a 4-percent guaranteed minimum accumulation value. SecureLiving Index 5 also has six interest-crediting strategies, two fixed-rate options and four index crediting rate options.

According to Genworth, SecureLiving Index 5 guarantees 104 percent of the premium at the end of the surrender charge period — less adjustments for withdrawals — even if there is an extended down market. Genworth adds that as a fixed annuity, the contract value is protected against downturns in the S&P 500 Index, meaning that all premium and interest credited can never be lost due to index decline.

Beginning in the second year, contract owners may withdraw up to 10 percent of the contract value each year without incurring a surrender charge or market value adjustment, says Genworth. As an added measure of security, a bailout provision allows the annuity owner to withdraw the entire contract value of the annuity, without penalty, if the declared annual cap on the annual cap strategy falls below the contract’s bailout cap. The bailout cap is declared at contract issue and will not change during the life of the contract.

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