Genworth Financial, Inc has introduced a new product, Total Living Coverage® Annuity, that will help customers achieve financial security and independence. TLCA links the safety and tax-deferred growth of a single premium non-qualified deferred annuity with a long term insurance rider to provide long-term care benefits. Additionally, claim payments for long-term care expenses are tax-free.
According to Genworth Financial, the advantages include:
- Dependable and stable growth
- Protection in the event of a long term care need with guaranteed
- renewable long term care insurance
- Simplified underwriting process
- Optional inflation protection
- Waiver of monthly long term care charge provision
TLCA would be a good option for individuals who are near retirement and have assets they want to protect, foresee the potential need for long-term, and have a large amount of investable assets ($200,000 or more).
“With Total Living Coverage Annuity, consumers use their annuity value to purchase long term care insurance coverage up to three times the amount of their single premium, creating a pool of benefit dollars for long term care expenses paid first from the annuity value and then from the remaining pool,“ said Buck Stinson, President of Genworth’s U.S. Life Insurance Products
