Variable annuity debuts with lower costs

A partnership between Advisor Resources (a division of Aegon) and Transamerica Life Insurance Co. has resulted in a new, lower-cost variable annuity. Dubbed the Transamerica Advisor Elite, the annuity has no surrender fees and no front-end sales loads.

Some of the features of the new product include:

• One-on-one guidance from licensed team members
• Paperwork completion
• Comparative analysis
• Direct downloads

For an additional fee, an optional living benefit rider called Income Select for Life can be combined with the annuity to provide an additional death benefit and guaranteed lifetime withdrawals. The guarantees are backed by Transamerica. Some of the funds included in the Advisor Elite lineup are Vanguard, Fidelity, T. Rowe Price and more.