Securian Financial Group, St. Paul, Minn. (SECUP), has debuted SecureOption Focus, a fixed deferred annuity that offers a choice of initial guarantee periods, a return of premium guarantee and a bonus interest rate in the one-year guarantee period.
Securian Financial says the product provides four initial guarantee periods: 1, 3, 5 and 7 years; and an interest rate enhancement on the one-year guarantee period when conditions permit.
Clients can secure higher interest rates with larger purchase payment and, if they should need to need to surrender their contract, the return of purchase payment guarantee. The product also boasts a 10% free withdrawal provision.
Pacific Life Insurance Co., Newport Beach, Calif., has released an optional withdrawal benefit in Pacific Life's Pacific Index Choice deferred fixed indexed annuity. The new Enhanced Lifetime Income Benefit lets policyholders increase retirement income whether or not the product earns interest.
In Pacific Life's example, an individual purchases the annuity and optional benefit and waits 10 years before making withdrawals. Instead of having a base of $100,000 from which to draw income, the eight percent annual Credit will, after 10 years, result in a base of $180,000.
Depending on the contract owner's age at the time withdrawals begin, and whether he or she has chosen guaranteed withdrawals over just his or her life or both the owner's life and the life of a spouse, the withdrawal amount could be as much as seven percent annually.
