Genworth SecureLiving Income Provider Annuity Review & Free Quotes

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Enjoy an income you can’t outlive

Retirement should be a time when you can do what you enjoy most — travel, pursue hobbies, volunteer at your favorite charity, and spend time with loved ones. Having the income to support the lifestyle you want — for as long as you live — begins with implementing smart, comprehensive financial strategies when you retire.

Today, Americans are living longer thanks to healthier lifestyles and advances in medicine. As the economy changes, so does the way we live and how we plan for our financial future. The average American who retires at age 65 can expect to spend at least 20 years in retirement. In fact, if there is longevity in the family, it’s not uncommon for their retirement to last 30 years or more. With retirement lasting longer Americans are faced with a new retirement income challenge. In fact, one of the biggest concerns of today’s retirees is outliving their income.

One strategy to consider with your financial professional, is to add a single premium immediate annuity (SPIA) to your portfolio mix that can provide a guaranteed stream of income for your essential expenses.

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Did you know?

65% of early retirees believe their money will need to last at least 20 years.

25% expect their money to last 20-24 years.

63% are not overly confident that they have saved enough for a comfortable retirement.

Prepare — Understand your options

Understanding your options and being aware of potential retirement risks are more important than ever. A single premium immediate annuity is designed to provide a guaranteed source of retirement income.

As a part of your retirement preparation, you should identify what is important to you and how you want to live your life while retired. Do you want to work part-time or not work at all? Do you want to share your love of something important to you? Do you want to travel or learn a new skill? Determining these and other factors ahead of time are critical in the creation and maintenance of your retirement plan.

SecureLiving Income Provider - Guaranteed Income for Your Plan

A SecureLiving Income Provider annuity provides you guaranteed income for a specified period of time or a lifetime with a period certain guarantee. Your income can either be fixed or increasing, depending upon your needs. You can even choose to guarantee that you or your beneficiaries will get no less than your premium back by choosing either the cash refund or installment refund payout option. You get the sense of security knowing the money you set aside for your essential expenses will not fluctuate with market swings. With SecureLiving Income Provider, you have access to your payments even after purchase through alternative payment features like Income Withdrawal and Early Advance.

Testimonial Image
Just bought my first SMA and was very happy to have gone through Immediate I found them in an article in the Wall Street Journal. As a first time buyer, I had a lot of questions. But to their credit, they did a great job answering my questions directly or getting the right answers from the right people when they needed to.
Allen Boaman
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Plan — Know where you want to go

Working closely with your financial professional, you can determine the best overall retirement portfolio combination for you. Adding SecureLiving Income Provider as a part of your retirement picture can be a good first step in a solid retirement plan.

Meet Mary and Bob

This example is hypothetical and used for illustrative purposes only.

Mary is 70 and has been married to Bob, also 70, for 45 years. They are excited about their upcoming retirement and are in good health. Mary and Bob currently have two grandchildren living out of state, whom they visit every several months. Mary and Bob both enjoy nature and took up cross-country skiing several years ago as a way to relax and spend time together. They hope to travel around the country to do more skiing, visit their family, and spend more time simply enjoying life. Maintaining their current standard of living is very important to them.

Before they retired, Mary and Bob made substantial contributions to in their companies’ 401(k) plans. They had a combined total of $600,000 in 401(k) assets when they retired. Unfortunately, neither had an employer-sponsored pension plan, so they are looking for alternative options to fund their retirement. Additionally, they own a traditional IRA worth $75,000 and a CD that is nearing renewal worth $100,000. They currently receive $3,911 each month from Social Security.

Before meeting with their financial professional, Mary jotted down an estimate of factors to be considered in their retirement income plan. She quickly discovered they had an income gap.

Their Strategy

After talking with their financial professional about their retirement income gap, he presented them with a detailed illustration using a SecureLiving Income Provider immediate annuity. By adding the SecureLiving Income Provider immediate annuity to their retirement portfolio, they would be able to fill the gap and provide themselves more financial guarantees while in retirement.

Guarantees they can count on.

Knowing they both could live a long life or potentially live several of their later years alone, Mary and Bob purchase a SecureLiving Income Provider immediate annuity with a 20 year certain period plus lifetime income payments. Mary decides to cash out her CD as it matures and use the $100,000 as their single premium to cover the shortfall in guaranteed income to cover necessities.

And, because they purchase the annuity together as joint annuitants, they can both count on having guaranteed income for 20 years or life which ever lasts longer. Should either one of them pass away, the other is covered for as long as they live.

Testimonial Image
We wanted to establish a bit of extra income. There was a good recommendation about on CNN. We also liked that we could see excellent reviews about them on Google. They were very thorough from our first inquiry to when we decided to buy our annuity from Mass Mutual. They always answered our questions promptly and followed up with the insurance company, too. We have been receiving our monthly payments since last November and couldn’t be happier. What more can we say?
Keith and Samantha Isley
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Provide — Security and flexibility

Because life is uncertain and unpredictable, SecureLiving Income Provider can be there when you need it and provide the security and flexibility you need, today and tomorrow.

Security — Guaranteed income for as long as you need it, protected from market risk. Flexibility — Choose the guaranteed payout that works for you, whether your income is fixed or increasing over time, and have the ability to access a lump sum if and when you need it. Protection — Confidence in knowing you can’t outlive your money. Dependability — Expect your income payment will be there when you need it.

Flexible Income for Today

You and your financial professional can decide which of the following payout options best fits your plan:

Certain Income - Build an income bridge of guaranteed income for a defined period of time to accommodate an immediate, defined need by choosing from 5 to 50 years. If the annuitant dies before the guaranteed period ends, the scheduled remaining payments will be made to the designated payee, which as the annuity owner, you select.

Lifetime Income with Certain Period - Enjoy a guaranteed lifetime income but for no less than a certain period of payments. Payments are guaranteed to continue for as long as the annuitant is alive; if the annuitant dies before the guaranteed period ends, payments will continue to the designated payee for the remainder of the certain period.

Lifetime Income with Cash Refund - Receive lifetime guaranteed income, while knowing that your total benefit payment received will be at least equal to your original premium. If the annuitant dies before the premium is recovered, the remainder of the premium is paid in a lump sum to the designated payee.

Lifetime Income with Installment Refund - Receive lifetime guaranteed income with assurance that your total income payments received are at least equal to your original premium. With this option, if the annuitant dies before the premium is recovered, your scheduled payments will continue to the designated beneficiary until all remaining premium is paid.

The payout option is selected at time of application. Age restrictions apply. For non-qualified contracts, the total guaranteed period plus the annuitant’s age cannot exceed 100. The guaranteed period for qualified contracts cannot exceed the annuitant’s life expectancy as defined by IRS tables.

* Income Withdrawal feature must be selected at application to apply.

130800 05/01/12

Read more about Genworth Life and Annuity Insurance Company's fixed immediate annuities