Genworth Introduces Flexible, Affordable Index Universal Life Insurance

   Genworth Introduces Flexible, Affordable Index Universal Life Insurance

Offers an optional rider for coverage of long term care services

PR Newswire

RICHMOND, Va., Jan. 7, 2014

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:

  oFive 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.
  oAn 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

"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.

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.^3 In 2013, index UL premium increased 10
percent in the third quarter and 18 percent for the first three quarters of
the year. Index UL market share, during 2013, represented a record 35 percent
of UL premium and 13 percent of total individual life insurance new annualized
premium -- its highest level.^4

Foundation Builder Index UL is Genworth's affordable death benefit index UL
product. Its first, Asset Builder Index UL, is an accumulation-focused and
protection product that features additional distribution options such as
participating or collateral loans. For both products, all Guideline Premium
Test policies also include the Overloan Protection Rider.

Industry-leading customer service and technology from Genworth

As partof its commitment to continually raise the bar on technology and
customer service, Genworth's index UL productsare the first and only index UL
products in the industry available on a comprehensive front-to-back electronic
platform that significantly shortens the application and fulfillment cycle
time. The electronic platform encompasses illustrations, drop ticket, ticket
fulfillment and ePolicy delivery on the end.

In December, Genworth was recognized by DALBAR as the sole 2013 winner of its
annual Life & Long Term Care Insurance Service Awards.^5 2013 was the third
year in a row that Genworth was the sole winner of DALBAR's service award for
life insurance. 

Genworth's Innovative Education and Support
To help financial professionals meet the soaring demand for index UL and
ensure that they have the information and tools to help educate their clients
about index products, including fixed index annuities, Genworth has 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 goals.

Resources for Consumers from Genworth

Consumers can learn about different types of life insurance and access
calculators to help determine how much life insurance they may need by
visiting Genworth's life insurance solutions website. 

Genworth can also be found online through its social media platforms at:
Facebook (!/pages/Genworth/165752860178415)
YouTube (

Genworth's Index UL and other life insurance products are underwritten by
Genworth Life and Annuity Insurance Company and Genworth Life Insurance
Company, Richmond, VA. Products not available in all states and markets.

About Genworth Financial

Genworth Financial, Inc. (GNW) is a leading Fortune 500 insurance holding
company dedicated to helping people secure their financial lives, families and
futures. Genworth has leadership positions in offerings that assist consumers
in protecting themselves, investing for the future and planning for retirement
— including life insurance, long term care insurance, and financial protection
coverages — and mortgage insurance that helps consumers achieve home ownership
while assisting lenders in managing their risk and capital.

Genworth operates through three divisions: U.S. Life Insurance, which includes
life insurance, long term care insurance and fixed annuities; Global Mortgage
Insurance, containing U.S. Mortgage Insurance and International Mortgage
Insurance segments; and the Corporate and Other division, which includes the
International Protection and Runoff segments. Products and services are
offered through financial intermediaries, advisors, independent distributors
and sales specialists. Genworth, headquartered in Richmond, Virginia, traces
its roots back to 1871 and became a public company in 2004.

For additional information on the entire line of Genworth products, please see
our website at:


The S&P 500 index is a product of S&P Dow Jones Indices LLC ("SPDJI") and has
been licensed for use by Genworth Life and Annuity Insurance Company and
Genworth Life Insurance Company hereinafter referred to as "Licensee".
Standard & Poor's®, S&P®, and S&P 500® are registered trademarks of Standard &
Poor's Financial Services LLC ("S&P") and these trademarks have been licensed
for use by SPDJI and sublicensed for certain purposes by Licensee. Licensee
Index Universal Life Product(s) are not sponsored, endorsed, sold or promoted
by SPDJI, S&P, or their respective affiliates, and none of such parties make
any representation regarding the advisability of investing in such product(s)
nor do they have any liability for any errors, omissions, or interruptions of
the S&P 500 index.

Foundation Builder Index UL is a flexible-premium, adjustable life insurance
policy (commonly known as universal life insurance) with optional index
interest crediting. The product, riders, and benefits are subject to the terms
and conditions of its policy forms and to state availability and issue

Genworth Life & Annuity: Policy Form No. ICC13GA1006, ICC13GA1007, GA1006-0413
et al., or GA1007-0413 et al. Rider Form Nos. ICC12GA108R or GA108R-1012 et
al.; ICC12GA111R or GA111R-1012 et al.; ONE-ADB et al.; ONE-CIR-100 et al.;
ONE-WP-TL et al. Genworth Life: Policy Form No. ICC13GL1006, ICC13GL1007,
GL1006-0413 et al., or GL1007-0413 et al. Rider Form Nos.

ICC12GL108R or GL108R-1012 et al.; ICC12GL111R or GL111R-1012 et al.;
GE-ONE-ADB et al.; GE-ONE-CIR-100 et al.; GE-ONE-WP-TL et al.

A death benefit is income tax-free (a) unless the policy has been transferred
for a valuable consideration by assignment or otherwise, the basis for
determining gain or loss in the hands of the transferee is determined in whole
or part by reference to such basis in the hands of the transferor, and the
transfer is to not to the insured, a partner of the insured, a partnership in
which the insured is a partner, or a corporation in which the insured is a
shareholder and/or officer and (b) in the case of a life insurance policy that
is an employer-owned life insurance contract as that term is defined in
section 101(j) of the Internal Revenue Code of 1986, as amended, if the
requirements of section 101(j) with respect to such contracts are met.

Although the policy value may be affected by the performance of an index, the
policy is not a security and does not directly or indirectly participate in
any stock, equity or similar investment including, but not limited to, any
dividend payments attributable to any such investment. The index does not
include dividends paid on the underlying stocks, and therefore do not reflect
the total return of the underlying stocks.

Policy, benefits and riders may not be available in all states. Terms and
conditions may vary by state.

Refer to the policy for definitions and more details regarding coverage and
its features. This press release provides a summary of coverage. Policy terms
and provisions will prevail.

All guarantees are based on the claims-paying ability of the issuing insurance

^1 LIMRA 2012 Individual Long Term Care Insurance Sales and In Force Survey
^2 LIMRA 2012 Individual Long Term Care Insurance Sales and In Force Survey
^3 LIMRA's U.S. Individual Life Insurance Sales Summary Report, Fourth Quarter
^4 LIMRA'S U.S. Individual Life Insurance Sales Summary Report, Third Quarter
^5 DALBAR news release, "Genworth Earns DALBAR Life & Long Term Care Insurance
Service Awards," Dec. 10, 2013

SOURCE Genworth

Contact: Julie Westermann, 804-662-2423,
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