Genworth Financial has debuted its first Index Universal Life (IUL) insurance product, which integrates a death benefit with tax-deferred cash accumulation and an optional Accelerated Benefit Rider for Long Term Care Services.
With a flexible design to meet multiple needs, the new policy also fulfils the customers' wish for more growth potential which is presently available with traditional fixed life insurance products.
The product offers higher policy value growth by connecting the crediting strategy with the S&P 500 Index and further guards market downturn, claims the insurance firm.
In the later part of life, if the policy provides sufficient cash values, policyholders can withdraw the same and policy loans to supplement their income.
Genworth US life insurance division executive vice president and leader Patrick Kelleher said that the customers are looking for solid alternatives with limited risk, as low-interest rates has endangered the performance expected from traditional fixed life insurance products.
"Genworth's Asset Builder Index UL provides all of this and more, including benefits that policyowners can use during their lifetimes," Kelleher added.
The company has also come up with the Index Institute, which assists financial professionals to fulfil this soaring demand and ensure that they have the information and tools to help educate their clients about index products.
Genworth Financial manages three divisions, including US Life Insurance, Global Mortgage Insurance and the Corporate and Other division, and employs a work force of 5,850 staff.
