SecureLiving Index 7 and SecureLiving Index 10 Plus will be issued by Genworth Life and Annuity Insurance Company. As single premium, fixed deferred annuities, SecureLiving Index 7 and SecureLiving Index 10 Plus offer index-based and fixed interest crediting strategies. Consumers can allocate across five different crediting strategies based on individual needs and risk tolerances.
In addition, contract holders have access to their money through 10% free annual withdrawals beginning in year two, the optional Income Protection rider, a waiver for confinement to a medical care facility and annuitization options. Both products require a minimum single premium of $25,000 or more and you must be 80 or younger to apply (age 85 for SecureLiving Index 7).
The products are loaded with other features including competitive cap rates, multi-year guaranteed fixed options, guaranteed minimum accumulation or premium enhancement, a bailout feature, jumbo rates and caps for premiums above $100,000 and $250,000 and the optional Income Protection rider with daily benefit base growth.
Other key features and benefits include:
• Premium Enhancement: 5% premium enhancement to the contract value beginning on the day the contract goes into effect (SecureLiving Index 10 Plus only) (subject to a vesting schedule);
• Guaranteed Minimum Accumulation: 107% of premium less rider charges and adjustments for withdrawals (SecureLiving Index 7 only);
• Tax deferred growth;
• Five crediting strategies: Index-based annual cap strategy, Index-based monthly cap strategy, Index-based performance triggered strategy, 7- or 10-year fixed rate strategy and 1-year fixed rate strategy;
• Up to 10% free withdrawals each year beginning in year two;
• Optional Income Protection Rider – Guaranteed Lifetime Income Withdrawals;
• Bail out feature; and
• 7- or 10-year surrender charge period, with market value adjustment.