Products December 12, 2011

Genworth Financial Launches Two Index Annuities

Genworth Financial has launched two index annuities, which allow consumers to allocate across five different crediting strategies based on individual needs and risk tolerances.
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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.

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).

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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.

(Cont...)

Other 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

•  7- or 10-year surrender charge period, with market value adjustment

Products December 12, 2011

Security Benefit to Offer Mesirow's 3(38) Fiduciary Service

Security Benefit is launching SecurePoint Retirement, a 401(k) product with 3(38) investment management fiduciary protection from Mesirow Financial.
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Expected to be released in the first quarter of 2012, SecurePoint Retirement will include the 3(38) Employee Retirement Income Security Act (ERISA) fiduciary capabilities offered by Mesirow Financial’s Investment Strategies group, in addition to the firm’s investment selection, monitoring, and replacement services.  

Based on Security Benefit’s open-architecture, multi-manager mutual fund platform, SecurePoint Retirement relies on Mesirow Financial to make all the decisions for selecting, monitoring, reporting and replacing the investments under their investment management agreement with the plan sponsor (see “Security Benefit Partners with Mesirow on Fiduciary Services“).  

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“We’ve seen an increased awareness occurring with regard to fiduciary responsibility for plan sponsors and their plan advisers,” says Kevin Watt, senior vice president, Security Benefit. “With this awareness in mind, we decided to bring Mesirow Financial’s 3(38) investment management service through our platform so advisers can continue to service their plan sponsor clients without placing themselves in the investment management role.”  

“The significance of this product’s fiduciary protection for plan sponsors cannot be understated,” says Michael Annin, senior managing director and head of Mesirow Financial’s Investment Strategies’ group, “both from a risk perspective and an ongoing time commitment. SecurePoint Retirement will allow them to meet their fiduciary obligations and focus more on running their businesses.”  

Additional information on Security Benefit’s Corporate Retirement Programs is available at http://www.securitybenefit.com and http://www.securityretirement.com.  

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