GE Principal Protection Advantage is the latest income-oriented option driven by the positive reception of the GE Retirement Answer® variable annuity, introduced in 2002. The underlying concept for the two is similar in that contract holders are guaranteed a minimum level of retirement income, but also have the ability to receive increased income based on equity market driven sub-account performance.
Top Notch Tools & Education To Support Clients
"In addition to our broad product menu, we're proud of the education and tools we provide to financial professionals so they can help clients address the major retirement planning challenges of market volatility, longevity, inflation and healthcare risk," said Pam Schutz, President & CEO of Genworth Financial's Retirement Income & Investments business. "To provide additional support to financial professionals, we're also continuing to significantly expand our number of field wholesalers and retirement income specialists."
"Each investor's situation is different," said Robert T. Methven, Retirement Services Group leader at Genworth Financial. "Clients and their financial professionals face a complex retirement planning landscape today. Our series of products is designed to help meet the various retirement challenges, depending on age and need.
"Whether you are investing for future income during the accumulation stage, creating guaranteed income at or near retirement, or looking to preserve principal to pass on to your heirs, our retirement income suite can play a powerful role in helping you accomplish your goals."
An Income & Protection Suite For All Retirement Stages
Genworth Financial's underwriting companies offer a robust line of retirement income products serving a wide spectrum of investors, allowing for added flexibility in the pursuit of retirement goals:
* GE Retirement Answer variable annuity, introduced by GE Life & Annuity in 2002, allows long-term investors to select how much income they want to begin receiving at a "retirement" date at least ten years in the future based on how much they want to contribute on a lump sum or monthly basis. This guaranteed minimum lifetime income may increase based on equity market driven performance of the assets invested in the sub-account. * GE Guaranteed Income Advantage(SM), introduced in 2004, is a rider designed for long-term investors who want to allocate assets within their GE Life & Annuity variable annuity toward retirement income needs at least ten years in the future. Again, contract holders are guaranteed a minimum lifetime income based on contributions to the rider, but may also receive more based on equity market driven performance of the assets in the sub-account. * GE Principal Protection Advantage is a variable annuity rider from GE Life & Annuity designed for those at or nearing retirement who want to secure a guaranteed level of lifetime income no less than their original investment or their Reset amount. This income must begin at least three years in the future with upside potential based on equity market driven performance of the assets in the sub-accounts. * GE Guaranteed Withdrawal Advantage(SM) is a variable annuity rider from GE Life & Annuity designed for those at or near retirement who want to receive at least their original investment back in the form of withdrawals.
As an industry leader in long-term care insurance, term life and single premium immediate annuities, Genworth companies offer a suite of products that address both protection and retirement income planning needs across a full range of demographics and life stages.
GE Guaranteed Income Advantage, GE Principal Protection Advantage and GE Guaranteed Withdrawal Advantage are available with the GE Choice Variable Annuity®, GE Freedom® and GE Selections variable annuity products. The Genworth Financial family of companies offers these products to investors through a broad network of financial professionals; national, regional, independent and bank broker/dealers; as well as its own Terra Securities Corporation.
Genworth Financial is a leading insurance holding company, serving the lifestyle protection, retirement income, investment and mortgage insurance needs of more than 15 million customers, with operations in 20 countries, including the U.S., Canada, Australia and the U.K. and more than a dozen other European countries. For more information, visit http://www.genworth.com/.
You can obtain prospectuses by calling 1-888-GENWORTH. Variable annuities are sold by prospectus for the underlying investment portfolios. The prospectuses contain information on the investment objectives, risk factors, fees and charges, as well as other important information about the product and investment companies, that should be carefully considered. Please read the prospectuses carefully before investing.
Variable annuities issued by GE Life and Annuity Assurance Company, 6610 West Broad Street, Richmond, VA 23230. Principal underwriter: Capital Brokerage Corporation, 3001 Summer Street, P.O. Box 120041, Stamford, CT 06912-0041. Member NASD/SIPC. GE Life & Annuity, Terra Securities Corporation and Capital Brokerage Corporation are members of the GE Financial family of companies, now proudly part of Genworth Financial, Inc.
GE Choice Variable Annuity® and GE Selections® are GE Life and Annuity Assurance Company's flexible premium variable deferred annuities, policy form P1154 4/00 and P1156 9/00 and the Guaranteed Income Rider, known as GE Guaranteed Income Advantage(SM) P5268 9/03, P5268U 9/03, the Payment Protection Rider, known as GE Principal Protection Advantage(SM) P5269 9/03, the Guaranteed Minimum Withdrawal Rider, known as GE Guaranteed Withdrawal Advantage(SM) P5263 2/04. GE Freedom® variable annuity is GE Life & Annuity's flexible premium variable deferred annuity, policy form P1151 1/99, and the Guaranteed Income Rider, known as GE Guaranteed Income Advantage(SM) P5271 9/03, P5271U 9/03, the Payment Protection Rider, known as GE Principal Protection Advantage(SM) P5273 9/03, the Guaranteed Minimum Withdrawal Rider, known as GE Guaranteed Withdrawal Advantage(SM) P5274 2/04. Features and benefits not available in all states and markets. Features and benefits may vary by state and market.
All guarantees are based on the claims-paying ability of GE Life & Annuity. For GE Retirement Answer all guarantees also depend on all required purchase payments and other contract requirements being satisfied. If all required purchase payments are not made, clients will still receive retirement payments beginning on the date chosen; however, they may have a forfeiture or reduction of the minimum guarantee.
Variable annuities are long-term investment vehicles designed for retirement purposes. Withdrawals/surrenders reduce the contract value and any death benefits. Withdrawals/surrenders of taxable amounts are subject to ordinary income taxes and, if taken prior to age 59 1/2, an additional 10% IRS penalty tax may apply. Surrender charges may also apply. Withdrawals/surrenders that reduce the contract value below the contract minimum will cause the contract to be surrendered in full.
SOURCE: Genworth Financial
CONTACT: Tim Benedict of Genworth Financial, +1-203-708-3123, or
Web site: http://www.genworth.com/