Banc Of America To Sell A Jefferson Pilot Annuity
By Trevor Thomas
In a move that could significantly boost its sales of annuities, Jefferson Pilot Financial, Greensboro, N.C., has inked a deal with Banc of America Investment Services, Inc., under which the investment firm will sell JPFs new single-premium deferred annuity.
Banc of America will make the product, the Premier 5 Annuity, available to its clients in 18 states and the District of Columbia. The firm is a non-bank subsidiary of Bank of America, San Francisco. JPF is an arm of Jefferson-Pilot Life Insurance Company, which ranks 15th in fixed annuity sales through banks.
Premier 5 is a single-premium deferred annuity with a market-value adjustment, featuring a five-year interest rate guarantee and surrender charge schedule. The interest rate and surrender charge schedule reset every five years. The Premier 5 also offers guaranteed return of premium and free partial surrenders up to 10% each year. It also provides a nursing home and terminal illness waiver in most states.
"Banc of America Investment Services is a top-notch organization, and we are gratified that our annuity product fits so well into their marketing plan," says Michael Denton, senior vice president of financial institution marketing for Jefferson Pilot Financial. "We are excited about the potential for benefit to their clients, as well as to both our companies."
Banc of America Investment Services, the retail brokerage affiliate of Bank of America Corporation, has more than 925,000 clients with more than $73 billion in assets. It operates about 265 full-service offices in 20 states.
