Introducing Total Living Coverage Annuity
Single Premium Deferred Annuity with Long Term Care Benefits
Today we are pleased to annouce a new addition to our Long Term Care and Annuity solution platforms. On March 29, Total Living Coverage Annuity (TLCA), a Linked Benefit annuity product from Genworth Life Insurance Company, will be available. TLCA is an exciting and tax-efficient way to help protect clients' assets.
TLCA is a Linked Benefit product from Genworth Life that combines the safety and tax deferred growth of a Single Premium non-qualified Deferred Annuity (SPDA) with Genworth Life's Privileged Choice Long Term Care Insurance (LTCI).
Genworth Life makes setting up your clients' TLCA policy easy, with 4 simple steps.
- Determine the single premium
- Decide whether inflation protection is desired
- Choose a leverage factor.
- Determine the length of long term care coverage.
| 7-Year SPDA ---> |
TLCA |
| Privileged Choice* ---> |
*Based on Privileged Choice with claims offset and without survivorship.
What makes Genworth Life's TLCA a great option?
- Long term care coverage is based on Genworth Life's Priveleged Choice, LTCI
- Leverage factors up to 3x the single premium**
- Guaranteed minimum interest rate
- Jumbo interest rates available***
- No additional premium required for inflation options (Charges for inflation options are deducted monthly from the value of the annuity.)
- One-year deferral period***
- Zero-day elimination period for in-home care***
- Informal care providers allowed
- Simplified underwriting process, with a 48-hour decision after all data is collected
** Note that the account value is part of this leverage and is paid first. *** Not available in CA, IL, TN, TX
Additional Information:
Simplified Underwriting Process:
Includes a phone health interview (PHI). Ages 65 or older include a cognitive screen. 48-hour decision after all data is collected.
Issue Ages: 18 - 79
Single Premium Range:
|
Single Premium Range |
Inflation Protection |
Leverage Factor |
Length of LTC Coverage |
|
$48,000 - $480,000 |
Yes |
1.5x |
4 years/48 months |
|
$72,000 - $720,000 |
Yes |
1.5x |
6 years/72 months |
|
$54,000 - $540,000 |
Yes |
2x |
6 years/72 months |
|
$36,000 - $480,000 |
No |
2x |
4 years/48 months |
|
$54,000 - 4720,000 |
No |
2x |
6 years/72 months |
|
$36,000 - $480,000 |
No |
3x |
6 years/72 months |
Withdrawals and Surrenders:
For Covered Care: There are no surrender charges for withdrawals due to covered care. The annuity value and rider coverage maximum are reduced by the amount of the withdrawal. The rider monthly maximum remains unchanged.
For Other Than Covered Care: An annual free withdrawal amount up to 10% of the prior anniversary's annuity policy value (or 10% of the single premium in the first policy year) can be withdrawn without surrender charges in a policy year. Surrender charges, at the following rates, apply to withdrawals and surrender amounts in excess of any free withdrawal amount.
- $500 minimum withdrawal
- $25,000 must remain after withdrawal
| Policy Year: |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8+ |
|
Surrender Charge: |
7% |
7% |
7% |
6% |
5% |
4% |
3% |
0% |
The rider coverage and monthly maximums are reduced in the same proportion as the withdrawal bears to the annuity value immediately before the withdrawal. These reductions may be significantly larger than the amount of the withdrawal. The annuity value is reduced by the withdrawal.
A single premium deferred annuity with long term care benefits is subject to Policy Form No. SPDAPLTC 806 et al. and Rider Form No. SPDARLTC 806 et al. Product may not be available in all states. Terms and conditions may vary by state.
All applications are subject to the underwriting requirements of Genworth Life Insurance Company.
Benefit payments made under this policy for covered long term care services are income tax free. Monthly charges to pay for long term care insurance are not included in gross income of the policy owner, but reduce the policy owner's income-tax basis (not below zero) in the annuity policy. No medical-expense income-tax deduction is available for these monthly charges.
Genworth Life is a member of the Insurance Marketplace Standards Association (IMSA). Membership promotes ethical standards in the sale and service of individually sold life insurance, annuity, and long term care insurance products.
This is a brief product description. Please refer to the policy form for complete information.
Insurance and annuity products:
- Are not deposits.
- Are not insured by the FDIC or any other federal government agency.
- May decrease in value.
- Are not guaranteed by any bank or its affiliates.
FOR PRODUCER USE ONLY. NOT TO BE REPRODUCED OR SHOWN TO THE PUBLIC.
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