Great-American Adds Variable Indexed Annuity

The product does not have annual administrative fees, mortality and expense charges, or 12b-1 fees. It comes with a seven-year early-withdrawal-charge period.

Great-American Life will issue the annuity for use in retirement accounts for people ages 18 to 80, and for use outside of retirement accounts for people ages 0 to 80.

The minimum initial payment is $25,000. A purchaser can then add payments of $10,000 or more during the first two contract months.

The annuity contract includes an extended care waiver rider and a terminal illness waiver rider that let the purchaser withdrawal all of the account assets without penalty after the end of the first contract year.

The extended care waiver rider applies to an annuity user who is confined to a nursing home or other long-term care facility for at least 90 consecutive days.

The terminal illness rider applies to an annuity user with a prognosis of survival of 12 months or fewer.

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