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Manulife USA’s new Living Benefit provides income while keeping firm grip on future retirement assets BOSTON – Manulife USA brings an unprecedented level of flexibility and security to the annuity market with a recently launched update to its popular Guaranteed Retirement Income Program, or GRIP1. GRIP III provides annuity owners with future lifetime annuity income that is guaranteed regardless of investment performance. The guaranteed income is based on an “income base”, which is guaranteed to grow by at least 5% per year (3% if purchased at age 76 or older). The latest version of GRIP gives investors more opportunity to balance current and future income needs by introducing “dollar-for-dollar” withdrawal treatment. This essentially allows investors to create current income via withdrawals – within limits – without jeopardizing the value of the future guaranteed lifetime income. “Living benefits have increased in popularity as aging baby boomers have begun focusing more attention on their personal retirement. People are recognizing that they are likely to remain active well beyond traditional “retirement” age. Thanks to the soft equity markets of recent years, they are more concerned than ever about the prospects of running out of money in retirement,” said Robert T. Cassato, President, Manulife Wood Logan, the sales and marketing arm of Manulife USA’s Individual Wealth Management Division (variable annuity, college savings and managed accounts products). “GRIP III and the Venture family of annuities offer an attractive solution by allowing investors to pursue growth through a diversified portfolio without sacrificing the stability of retirement income that is guaranteed for life. What’s more the new GRIP III version better addresses the needs of people who are concerned with generating income now as well as later.” The third generation of Manulife’s Guaranteed Retirement Income Program offers dependable retirement income with upside potential. GRIP III can do the following:
The GRIP benefit is an optional rider that must be elected at contract issue, and once elected, is irrevocable. The cost is .50% of the income base per year. The benefit may be annuitized on any contract anniversary 10 or more years after issue. The guarantees are backed by the claims-paying ability of the issuer. Payout factors used in calculating the guaranteed income are conservative, and should be considered a safety net against the possibility of poor market performance. Venture Annuity also offers investment in a broad range of asset classes and styles through 61 portfolio options managed by top firms in their respective categories, including:
Please call 800-334-4437 to obtain a prospectus containing more complete information including charges and expenses on the Venture Annuity with GRIPIII. Please read the prospectus carefully before purchasing. About Manulife The Manufacturers Life Insurance Company (U.S.A.) (Manulife USA) is committed to offering the highest quality life insurance, pension, and individual wealth management products to its clients. Its family of products has been built around a powerful combination of investment options chosen with the goal of providing attractive risk-adjusted returns and broad diversification across asset classes, investment styles, and asset managers. With its extensive product lines, competitive underwriting, excellent ratings, and quality customer service, Manulife USA is dedicated to providing quality products designed to help create and preserve wealth for its clients. Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Funds under management by Manulife Financial were US$96.4 billion (Cdn$141.6 billion) as at March 31, 2003. Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com. -30- 1Venture Variable Annuities are issued by The Manufacturers Life Insurance Company (U.S.A.) (Manulife USA) (Bloomfield Hills, MI). Venture variable life and variable annuities are distributed by Manulife Financial Securities LLC through other broker/dealers appointed by Manulife Financial Securities. Manulife Wood Logan, a division of Manulife USA, provides sales and marketing support for certain products issued by Manulife USA. Venture is a registered service mark of Manulife USA. For issue ages 76 and older, the compounded annual growth rate is 3% up to age 85%, 0% thereafter. 2Regular withdrawals are subject to ordinary income tax and, if taken prior to age 591/2, may be subject to a 10% IRS penalty. Venture Variable Annuities are tax-deferred, long-term contracts designed to meet retirement and other financial goals. Variable annuities provide features and benefits not necessarily found in other investment vehicles, such as:
A variable annuity has different types of fees and charges. Often, these charges will include a sales charge, mortality and expense risk charge, administrative fees and underlying fund expenses, as well as additional charges for any optional riders you might elect. Your financial consultant can explain all fees that may apply. You can also find a description of the charges in the prospectus. Be sure you understand all the charges before you invest.Variable annuities and variable life insurance products are long-term contracts designed for retirement purposes and are sold by prospectus. Please contact your local Manulife USA office to obtain a prospectus containing more details and all charges, expenses, risk factors and limitations. Past performance is not a guarantee of future results. Annuities are not deposits or obligations of, or guaranteed by any bank or financial institution. Annuities are not insured by the FDIC, the U.S. Government or any other government agency and are subject to risks, including the possible loss of principal. Media Contact: Wendy W. Smith U.S. Communications 617-854-4348 |
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