Genworth Immediate Need Annuity
Guaranteed LIFETIME income
Long Term Care alternative

An Income Assurance Immediate Need Annuity guarantees monthly income that cannot be outlived and can be used for any purpose, including paying for care in any setting. It is designed for those with adverse health conditions whose age/health may preclude them from long term care insurance coverage options. You cannot be turned down due to your health and there are no claims to file, nor on-going health assessments.


• Living expenses
• Medical expenses
• Cost of long term care

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This medically underwritten product is designed to provide higher monthly income for the same premium than a traditional single premium immediate annuity, particularly for individuals who are less healthy and need care.

Let’s Talk – Conversations About Care (163725WCST)

What Happens Next (163725MM)Pros & Cons of Single Premium Immediate Annuity

Product Brochure (163725B)

Quick Reference Guide (163725)

Related Pages in the Long Term Care &   Annuities Section of our Website

2 comments on “Immediate Need Annuity Long Term Care Alternative – Genworth

    • It would seem that they should be under IRC Section 104 a 3 as it’s an arrangement having the effect of accident and health insurance.

      How are monthly income payments taxed?

      Qualified Contracts – Each monthly income payment may be 100% taxable.

      Non-Qualified Contracts – Each monthly income payment may be taxable up to but not including the exclusion ratio. The exclusion ratio is the portion of your monthly income payment that may be income tax free.

      The discussion of tax treatments in this material is Genworth’s interpretation of current tax law and is not intended as tax advice. You should consult your tax professional regarding your specific situation.


      Is this a long term care insurance policy?


      This product is not long term care insurance. The product is designed to create a guaranteed source of monthly income payments that can be used for any purpose, including living and medical expenses. It can also be used to help
      offset the cost of a long term care event. Income payments are automatic and do not require ongoing claims, a triggering event or even confinement to a medical care facility.

      Copied from pro.genworth dot com/riiproweb/productinfo/pdf/163725B.pdf

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