Genworth introduces new fixed index annuity
By National Underwriter
By Michael K. Stanley
Genworth Life and Annuity Insurance Company added a new annuity to their SecureLiving Fixed Index Annuities suite of products. The SecureLiving Index 5 is a single premium, fixed deferred annuity with a 4 percent guaranteed minimum accumulation value meant to give clients an alternative option to CDs and Money Market accounts in this era of historically low interest rates.
The contract value is not only protected from downturns in the S&P 500 Index but also guarantees 104 percent of the premium when the surrender period ceases (less adjustments for withdrawals) no matter how the market behaves. At the outset of the second year of the contract, owners are able to withdraw 10 percent of the contract value each year without a surrender charge or market value adjustment. A bailout provision included in the product allows for the annuity owner to withdraw the whole contract value of the annuity without incurring a penalty as long as the declared annual cap strategy falls below the contract’s bailout cap. The product has six interest-crediting strategies: two fixed rate options and four index crediting rate options.
In other insurance news:
Security Benefits Life Insurance Company announced an interest-crediting option for its Total Value Annuity. The Total Value annuity — one of the top-selling fixed indexed annuities in the country — will now be able to offer clients the Transparent Value Blended Index Account, which utilizes a proprietary process — Required Business Performance — to blend a large-cap stock index and U.S. Treasury index to mitigate the impact of equity market volatility while simultaneously increasing diversification and the potential to receive interest credits.
Allianz Life Insurance Company of North America (Allianz Life) has been named one of the Top 100 Workplaces in Minnesota.
The Top 100 Workplaces Award strives to recognize “progressive companies” in Minnesota that allow their employees to have enjoy a mix of work/life balance that is meant to encourage high employee engagement.
Of the 1,900 companies asked to participate, Allianz Life, with 2,000 employees throughout the U.S., came in at No. 19.
Allianz life employees named career building opportunities, tuition reimbursement, leadership development programs and a comprehensive benefits package as reasons the company landed so high in the standings. Allianz Life employees also lauded the company’s on-site child-care center as well as the retirement planning tools and financial advisors availed to them.
Originally published on LifeHealthPro.com