A financial services company has developed a family of single-premium deferred annuities for distribution through the broker-general agency channel.
Genworth Life Insurance Company and Genworth Life Insurance Company of New York, subsidiaries of Genworth Financial Inc., Richmond, Va., have started selling the SecureLiving Liberty annuities in most of the country and the SecureLiving Liberty NY annuities in New York.
The annuities come with 1-, 3- or 5-year initial rate guarantee terms and "bailout rate" provisions, Genworth says.
If any renewal interest rate is lower than the "bailout rate" specified in the contract, customers have the option to withdraw some or all of their funds and surrender charges will be waived, Genworth says.
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