LTC Annuity

[Sam]

The new Long Term Care annuity from Genworth has finally arrived. Only four FMO's in the country have this brand new product. Most FMO's with Genworth contracts are NOT able to sell this product. Join us for a free webinar to go over the features and benefits.

The webinar will be on Thursday April 22nd, at 1 PM PST, 4 PM EST. Click here to join the webinar

Total Living Coverage Annuity (TLCA), a Linked Benefit product from Genworth Life Insurance Company, links the safety and tax-deferred growth of a single premium, non-qualified deferred annuity (SPDA) with a Long Term Care (LTC) Insurance Rider to provide LTC benefits. It allows clients to leverage up to 3 times the assets they put into the annuity to create a larger pool of tax free benefit dollars available for long term care expenses should the need arise.

Some quick details:

• Single Premium Amount- The premium that funds the annuity.
  
• Inflation Protection Benefit- If inflation protection is chosen, it increases the total amount available for covered long term care coverage by either 3% or 5% compound annually.
  
• Leverage Factor - The Single Premium is leveraged to provide a covered long term care coverage maximum. The LTC Coverage Maximum can be 1.5x or 2x the single premium if inflation is chosen or 2x or 3x the single premium if no inflation is chosen.
  
• LTC claims are first paid from Annuity Value until that value is exhausted and then from any remaining LTC Coverage Maximum.
  
• Length of Long Term Care Coverage- The Benefit Period can be 4 years or 6 years. If covered long term care expenses actually incurred each month are less than the LTC Monthly Maximum, benefits may last for a long period of time.
  
• Interest - We will credit interest to the Annuity Value at rates we declare periodically. Interest is compounded annually and credited monthly.
  
• Minimum Guaranteed Interest Rate -The interest rate we credit to the Annuity Policy is guaranteed to never be less than 3%.
  
• Initial Additional Interest Rate (often referred to as a jumbo rate) First year interest rate bonus applies for larger premium amounts:
• • $150,000 - $299,999: 0.40%
• • $300,000+: 0.80%
  
• Contract Commencement Date (often referred to as deferral period)- Long term care expenses are not covered and the elimination period cannot be satisfied during the first year from the policy effective date.
  
  
• Couples Discounts- Couples discounts are available for long term care monthly charges.
  
• One person who applies for TLCA will receive a 10% couples discount.
  
• If two people apply together for TLCA policies, a 20% discount is available. Some restrictions may apply.
  
• The 20% discount is also available to one person if the other is already covered by a Genworth Life individual long term care policy, Total Living Coverage® (TLC) or another TLCA policy previously issued by us.

FMO's and GA's are welcome to join us for this webinar.