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Genworth No Longer Selling Fixed Annuities

There will be a big shake-up at Genworth Financial in about 2 weeks. As of March 7, they will stop selling their popular fixed annuities and life insurance products. This information comes from the Insurance News Net article, "Genworth Stops Life, Annuity Sales, May Split" by Cyril Tuohy. The company is also likely to undergo a complete restructuring. All of these changes stem from large losses over the past couple of years, caused by low interest rates and millions of long-term care... Read More

Guaranteed Lifetime Income from Genworth’s SecureLiving Growth

A strong demand for guaranteed income and favorable regulations are causing the life insurance industry to create new annuity products.  The latest is from Genworth Financial and offers a lifetime income rider.  Life Health Pro's Nick Thornton introduced the annuity in "Genworth offers lifetime income annuity."  Genworth's new product is called the SecureLiving Growth with Income Choice annuity.  They plan to market this annuity to an expanded market of consumers that are as young as age... Read More

Genworth’s SecureLiving Index 5 Fixed Indexed Annuity

Genworth Financial appreciates the popularity of fixed indexed annuities and has just added a new product to their SecureLiving fixed indexed annuity line.  MarketWatch's "Genworth Introduces 5-year Fixed Index Annuity With Guaranteed 4% Minimum Accumulation Benefit," gives details of the new product from a company press release.  They say that the SecureLiving Index 5 is perfect for people looking to combat the low interest rate environment that Americans have been experiencing for years... Read More

Prudential & AIG Pick Up MetLife's Variable Annuity Business

As MetLife scales back on their variable annuities, other companies are picking up the market share.  According to Bloomberg Business News' "Prudential Joins AIG Taking Annuities Share From MetLife," Zachary Tracer says that Prudential and AIG are the main companies who have capitalized on MetLife's variable annuity changes.  Prudential has sold the most variable annuities this year, according to LIMRA.  Their second quarter sales were $5.35 billion, which was an 18% increase.  Their market... Read More

Indexed Annuities Market Growing and Changing

Indexed annuities have been growing at a much faster rate than variable annuities and fixed annuities in the past 5-10 years.  The Life Health Pro article, "New players enter indexed annuity space" by Maria Wood, says that the compound annual growth rate for indexed annuities was 9.3% from 2005-2010.  Variable annuities grew 1.9% and fixed annuities grew 2% in the same time frame.  These statistics were taken from Conning Research & Consulting's indexed annuity study.  Indexed annuities... Read More

Death Benefits & Tax Deferred Growth

While demand for variable annuities is still very high, many insurers are stepping back from them quite a bit.  According to Investment News's Darla Mercado in the article "VA carriers hunkering down," life insurers have had a hard time hedging their variable annuities with living benefits.  Stock market volatility and low interest rates are making it expensive for insurers to offer variable annuities.  Genworth Financial stopped selling annuities at the beginning of 2011 and Sun Life... Read More

Sign of the Times: Annuity Product w/ LTC Rider

According to the National Underwriter's article "Annuity With LTC Rider Debuts," Genworth Financial Inc. has a new annuity product to introduce.  The Total Living Coverage Annuity is a linked-benefit policy linking this single premium non-qualified deferred annuity and a long term care insurance rider.  Genworth Life Insurance Company is the underwriter.  This annuity contract enables investors to buy long term care insurance that is up to three times the amount of their single premium by... Read More

In the News

A Summer Crop of Variable Annuities by Kerry Pechter, Retirement Income Journal Published July 29, 2009 The styles of products of variable annuities introduced by insurers in July seem to fall onto opposite ends of the complexity spectrum. The AnnuityNote contract offered by John Hancock Life is a simple product with just one investment option and one comprehensive fee. "It was designed to resemble a mutual fund but with a true guarantee," said Tom Mullen of John Hancock. MetLife... Read More

Variable Annuities Mix it up this Summer

"A Summer Crop of Variable Annuities" in the Retirement Income Journal summarized this summer's spectrum of variable annuity products.  Author Kerry Pechter stated that insurance companies are either reducing the cost of the product and making it much more simple or keeping the elaborate benefits and increasing the cost.  John Hancock and MetLife introduced simplified versions while Allianz Life and Genworth Financial's new products are similar to traditional variable annuities.  As equity... Read More

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