DPL Financial Partners and Allianz Life Insurance Company of North America have introduced what they believe to be a unique annuity.
The new Allianz Index Advantage Income ADV Variable Annuity contract appears to be the only fee-based registered index-linked annuity with a guaranteed lifetime withdrawal benefit, according to DPL.
The income benefit rider is automatically included in the contract and cannot be removed.
Allianz Life will charge product fees based on contract value. The product fee will be 0.25% of the contract value, and the income benefit rider will cost 0.7% of the value of the contract, DPL says.
DPL is a company that runs an online marketplace for annuities. Allianz Life is now distributing the new annuity through the DPL platform for registered investment advisors, DPL says.
Other companies also have annuity news.
North American Company for Life and Health Insurance
North American Company for Life and Health Insurance — a subsidiary of Sammons Financial Group — is joining with Annexus to introduced two annuity contracts.
Annexus is a Scottsdale, Arizona-based annuity designer and distributor.
One of the new annuities is the North American Secure+. The other is the North American Secure Horizon Plus.
