Two subsidiaries of Genworth Financial Inc. of Richmond, Va., have launched a group guaranteed income annuity product for consumers who have planned for retirement but remain at risk of outliving their savings.
The units, AssetMark Investment Services Inc. and Genworth Life and Annuity Insurance Co., introduced their LifeHarbor product last week. It is designed to provide an income guarantee while allowing investors to remain invested in a mutual fund or exchange-traded fund portfolio on AssetMark's managed account platform.
The minimum investment for an AssetMark account with LifeHarbor is $50,000 for a mutual fund investment model and $100,000 for an exchange-traded fund investment model.
