Genworth Unveils Single-Contract Income Solution

Genworth Life and Annuity Insurance Company launched a variable annuity designed to help advisers 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 company, a subsidiary of Genworth Financial Inc.
 
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, for an additional cost, customers can purchase guaranteed income riders, designed to provide income certainty and predictability—a way to structure a personal pension-like program that is understandable and easy to track, the company said in a news release.
 
“In today’s economy, many investors have seen the value of their savings decline dramatically and people are looking for ways to protect their retirement income. They want to have greater confidence in their retirement and their finances going forward,” said Chris Grady, president of Genworth U.S. Life Insurance Distribution, in the release. By combining RetireReady One with an optional living benefit rider, Grady said clients can allocate a portion of their assets toward an income plan that can offer some certainty, regardless of what happens in the market.”