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TheStreet Open House

Genworth Launches Its First Index Universal Life Insurance Product

Stocks in this article: GNW

RICHMOND, Va., June 3, 2013 /PRNewswire/ --   Genworth today announced the launch of its first Index Universal Life (IUL) insurance product, which combines a death benefit with tax-deferred cash accumulation and an optional Accelerated Benefit Rider for Long Term Care Services.

Genworth developed its new Asset Builder IUL in response to consumers' demand for life insurance that is flexible enough to meet multiple needs in a single product. It also addresses consumers' desire for more growth potential than is currently available with traditional fixed life insurance products and less risk than variable universal life insurance.

The result was an index UL insurance product that combines a death benefit for beneficiaries with:

  • The opportunity for greater policy value growth by linking the crediting strategy with the S&P 500 ® Index.
  • Protection from market downside:  Even if the percentage change in the S&P 500 ® Index is negative, the minimum crediting rate is 0%.  Monthly charges and fees will continue regardless of the crediting rate and will reduce policy value.
  • Supplemental income for retirement:  If the policy generates sufficient cash values later in life, policyowners can take withdrawals and policy loans to supplement their income.
  • Optional Accelerated Benefit Rider for Long Term Care Services, available at an additional cost.

"With low-interest rates jeopardizing the performance expected from traditional fixed life insurance products, consumers are seeking solid alternatives with limited risk," said Patrick Kelleher, executive vice president and leader of Genworth's U.S. Life Insurance Division. "Genworth's Asset Builder Index UL provides all of this and more, including benefits that policyowners can use during their lifetimes."

As a result of persistently low interest rates, index UL policies are experiencing record-breaking sales, growing from a $300 million market in 2006 to a $1.54 billion market in 2012.(1) Index UL policies now represent 30 percent of total UL premiums and 12 percent of all individual life insurance premiums(2). 

To help financial professionals meet this soaring demand and ensure that they have the information and tools to help educate their clients about index products, including fixed index annuities, Genworth has also launched The Index Institute(SM). This industry-first virtual resource offers financial professionals the education, tools and support they need to better counsel their clients on how index products work and the role they can play in helping them fulfill their insurance needs and financial objectives.

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