Genworth Financial
Variable Annuity
Genworth Life and Annuity Insurance Company (genworth), Richmond, Va., a subsidiary of Genworth Financial Inc., has launched RetireReady One, its newest variable annuity. A more streamlined income product with all-in-one flexibility, RetireReady One is designed to improve the advisors' experience with focused options to make it easier to 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 Employee Benefits Research Institute's 2009 Retirement Confidence Survey, workers who say they are very confident about having enough money for a comfortable retirement dropped to 13% (down from 41% in 2007) the lowest level since the survey's inception in 1993.
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, guaranteed income rider options are available for an additional cost and are designed to provide income certainty and predictability -- a way to structure a personal pension-like program that is understandable and easy to track.
For more information, visit www.Genworth.com.
AlwaysCare Benefits
Group Life and Disability
AlwaysCare Benefits, Inc., Baton Rouge, La., has introduced new small group Voluntary Life and Voluntary Short Term Disability plans designed for employers with fewer than 50 employees. The products are underwritten by National Guardian Life Insurance Company.
The new plans are competitively priced, designed to simplify enrollments and provide an array of optional benefits, allowing employees to choose the plans that work best for their budgets. The need for coverage and protection exists. According to LIMRA International, over 68 million Americans have no life insurance, and the National Safety Council reports that a disabling injury occurs every two seconds, resulting in an employee's inability to earn a living. As of 2006, 55% of all employee absences resulted from disabling injuries or illnesses, according to Parade Magazine.
AlwaysCare is currently offering these new products in Alabama, Arizona, Arkansas, Georgia, Indiana, Louisiana, Michigan, Minnesota, Mississippi, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina and Wisconsin. Additionally, Voluntary Short Term Disability is offered in Texas and Illinois. The rollout of the products will continue across the country over the coming months.
For more information, visit www.AlwaysCareBenefits.com.
Pacific Life
Variable Annuity
Pacific Life, Newport Beach, Calif., has added a new optional benefit to its suite of variable annuities. CoreIncome Advantage, a guaranteed minimum withdrawal benefit for life, provides predictable retirement income regardless of market ups and downs. Up to 4% of the protected amount can be withdrawn annually for life as long as the first withdrawal is taken at or after age 65.
CoreIncome Advantage is an optional benefit available with Pacific Life variable annuities for an additional cost of 0.40%, deducted quarterly (0.10%) and requires clients to be fully allocated to an eligible investment allocation. Clients have the opportunity to lock in market gains through step-ups and potentially increase the amount available for future withdrawals.
For more information, visit www.PacificLife.com.
