Genworth Life and Annuity Insurance has launched RetireReady One, a streamlined variable annuity aimed at helping advisers more easily personalize a guaranteed income strategy for clients.
RetireReady features a simplified application, surrender charge schedule flexibility in a single contract and a more focused menu of underlying investment portfolios. The product also offers a basic death benefit and the ability to annuitize the contract to provide a guaranteed income stream. Guaranteed income rider options are available for an additional cost, but Genworth did not provide a prospectus with rider fees as of press time.
“We designed RetireReady One and the available optional riders with an understanding of families’ needs and desires to have a clearer view of what their financial future can look like,” said Chris Grady, president of Genworth U.S. Life Insurance Distribution. “We talk to so many people who are now thinking that they may have to delay retirement—even questioning whether they will be able to retire. While one product can’t answer all of these questions, by combining RetireReady One with an optional living benefit rider clients can allocate a portion of their asset toward an income plan that can offer some certainty—no matter what happens in the market.”