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Nationwide Teams With AmeriLife to Offer Indexed Annuity: Annuity Moves

By Allison Bell

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Nationwide is joining with AmeriLife Group LLC to introduce an indexed annuity.

Nationwide has filed the new Nationwide Peak 10 product as a non-variable indexed annuity.

(Related: The Standard Adds MYGA Contract: Annuity Moves)

The Columbus, Ohio-based company is issuing the new contracts through Nationwide Life and Annuity Insurance Company.

The contract comes with a choice of four index choices, including the new J.P. Morgan Cycle Index, the new AllianceBernstein Growth and Value Balanced Index, the S&P 500 Price Index and the S&P 500 Daily Risk Control Index.

Purchasers can choose between two lifetime income guarantee features. The standard feature is the Guaranteed Income Solution feature, which offers a guaranteed 4% simple interest roll-up rate on the investor’s original income benefit base each year for the first 10 years, or until the first withdrawal, whichever comes first, according to Nationwide.

Purchasers can pay extra for a Bonus Income+ rider. The rider provides a 10% bonus credit included on the investor’s income benefit base, calculated on total premium. The rider also offers a 7% simple interest roll-up rate on the income benefit base for the first 10 years, or until the first lifetime withdrawal, whichever comes first, according to Nationwide.

Consumers who pay for the Bonus Income+ rider can get a joint-income option for spouses.

Purchasers also can buy a long-term care rider and a rider that provides extra benefits for annuitants who suffer from a terminal illness or injury.

Consumers can withdraw up to 10% of the contract value with no surrender charges or market-value adjustment.

AmeriLife is a Clearwater, Florida-based life and annuity marketing organization.

Nationwide says it will distribute the new annuity exclusively through AmeriLife’s national distribution network that includes about 200,000 insurance agents and advisors, about 35 marketing organizations, and about 50 insurance agency locations.

In other annuity moves news:

Pacific Life, Newport Beach, California, has introduced the Pacific Choice Income variable annuity contract.

Purchasers can choose between two living benefits features: the Enhanced Income Select 2 feature and the Future Income Generator feature.

The Enhanced Income Select 2 feature allows for higher withdrawals early in retirement, the ability to start and stop withdrawals, and an income rollover feature that allows an annuitant to carry over any remaining unused amounts into the next contract year’s withdrawal total, according to Pacific Life.

The Future Income Generator feature guarantees that the annuitant will receive steady income for life, even if the contract value goes to zero, according to Pacific Life, The annuitant can receive additional income if the markets perform well.

Both benefits offer a 5% simple-interest credit for 10 years, or until the first withdrawal, according to Pacific Life.

Pacific Life is writing the contract through Pacific Life Insurance Company in most states, and in New York state through Pacific Life & Annuity Company.

RetireOne, San Francisco, has introduced the RetireOne Advisor Portal, to give registered investment advisors direct access to client insurance policy and annuity data, through mobile phones and tablets as well as through desktop computers.

RetireOne — an arm of Aria Retirement Solutions — says the new portal is cloud-based and supplements other data access methods, such as pulling in data from wealth management platforms and portfolio management systems.

The new portal keeps the assets visible at all times, and that can help an advisor comply with the new Regulation Best Interest account tracking standards, RetireOne says.

Portal systems update client annuity and insurance policy data daily, to provide the latest contract values and positions for both fee-based accounts and any annuities that pay commissions, according to RetireOne.

RetireOne has relationships with about 900 RIAs and fee-based advisors. Those advisors are using the RetireOne systems to manage about $1 billion of retirement savings and income investments, according to RetireOne.

— Read Two-Thirds of RIAs Open to Recommending Annuities: Survey, on ThinkAdvisor.

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Allison Bell

Think_Allison

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NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.