RICHMOND, Va., Jan. 7, 2014 /PRNewswire/ -- Genworth (NYSE: GNW) announced that it has introduced its second index universal life (UL) insurance product, Foundation Builder Index UL. The new product provides affordable death benefit protection backed by a no-lapse guarantee of up to 30 years, plus the opportunity to build cash value for future financial flexibility.
In addition to an affordable, generally income-tax free death benefit at competitive premiums, Foundation Builder Index UL offers:
- Five index interest crediting strategies linked to the percentage change in the S&P 500 ® Index to help build cash value for future flexibility. Policyowners benefit from interest credits up to a cap and have a guaranteed floor of 0%, meaning that even if the percentage change in the S&P 500 ® Index is negative, policyowners are guaranteed not to lose money solely on the percentage change in the S&P 500 ® Index. If the policyowner's needs change in the future, any cash value built can be used to provide the policyowner with additional financial flexibility.
- An optional Accelerated Benefit Rider for Long Term Care Services, drawing upon Genworth's 40-years of experience and leadership as the nation's largest long term care insurance carrier. 1 The rider, available at an additional cost, combined with index universal life insurance coverage, creates reliable death benefit protection while offering access to the specified amount for covered long term care expenses. The rider includes at-home coverage with no waiting period as well as coverage for informal caregivers. If the policyholder does not need to use the rider or only uses a portion of the specified amount for covered long term care expenses, then the remaining portion of the specified amount will be paid as a death benefit.
"We are pleased to expand our portfolio of index universal life insurance products with a product that offers some of the most competitive premiums as well as an optional rider that can provide long term care coverage from the industry leader 2," said Anthony Vossenberg, senior vice president, Distribution, at Genworth. "We designed this product and rider specifically for consumers who want affordable, long-term death benefit protection, upside growth potential without downside risk, and coverage for long term care expenses."
"With low-interest rates jeopardizing the performance expected from traditional fixed life insurance products, index UL insurance meets the needs of consumers who are seeking solid alternatives with limited risk," he said.