Fidelity & Guaranty Life Insurance Company hopes to bring registered index-linked annuity (RILA) market buzz to the non-variable annuity market.
The Des Moines, Iowa-based insurer has introduced the Dynamic Accumulator annuity contract, which is based on a "fixed index annuity" frame.
Like a RILA contract, the new contract has a crediting rate that can be tied to the performance of one or more investment index options.
Unlike a RILA contract, the contract is filed as a non-variable annuity with state insurance regulators, and F&G promises to protect an annuity holder who sticks with contract requirements against investment-related loss of principal.
A contract holder can change the risk level every year, by choosing to lock in gains, and accepting a relatively low cap on how much the crediting rate can go up, or putting gains at risk in exchange for a chance to see the crediting rate go up more, F&G says.
F&G is distributing the contract — now available in 35 states — through independent marketing organizations.
In other annuity moves news:
Lincoln Financial Group has introduced the Lincoln Advantage Pro variable annuity, with access to Lincoln Defined Outcome Funds.
The contract gives financial professionals and their clients access to about 125 different funds.
An arm of Milliman is serving as the sub advisor for the funds.
A purchaser can use one of the funds to link the contract crediting rate to the performance of a market index for one year at a time. The purchaser gets a buffer against index losses in exchange for accepting a cap on maximum index-linked gains. Also, the buyer can reallocate assets within the contract and reset the cap and buffer levels, Lincoln says.
Symetra Life Insurance Company has added two single-premium registered indexed-linked annuity (RILA) contracts: the Symetra Trek Plus Index-linked Annuity and Symetra Trek Frontier Index-linked Annuity.
Symetra has been selling RILA contracts since March 2019.
The Trek Plus contract comes with three options for protecting contract value against losses, including a "barrier option" that protects against losses if and only if an investment index drops by less than 15%. Contract holders who choose that option can earn higher returns if and when an investment index goes up.
The Trek Frontier contract offers one-year and six-year interest term lengths and two strategies for protecting against investment index decreases. Purchasers can choose between a floor, or a hard, 10% limit on market losses, and a buffer that can protect the holder against investment index drops of up to 20%, even if an index falls by more than 20%.
Symetra is distributing the annuities through banks, wirehouses and independent broker-dealers. The products come with no annual fees.
Bankers Life, an arm of CNO Financial Group, has introduced the Guaranteed Lifetime Income Annuity Plus with Enhanced Benefit (GLIA Plus) — a single-premium non-variable indexed annuity.
The enhanced benefit provision can help a purchaser use extra income withdrawals, for up to two years, to pay for recovery care or for long-term care.
Bankers Life also sells the Security Builder Indexed Annuity, the Premium Bonus Indexed Annuity, the Guaranteed Lifetime Income Annuity and the GrowthPoint Indexed Annuity contracts.
The new GLIA Plus product is available in 49 states, excluding New York, through Bankers Life's own agents.
