Nationwide has confirmed that it likes the registered index-linked annuity market by adding a second RILA contract.
The Columbus, Ohio-based insurer introduced the Nationwide Defender Annuity contract Monday.
The product is registered with the Securities and Exchange Commission as a variable annuity, with the investment option menu mostly powered by investment market indexes, and offers a holder the ability to use a buffer to pass either 10% or 20% of investment market-related value losses on to Nationwide.
Mike Morrone, a vice president of the Nationwide Annuities unit, said the company aimed to design a product that would appeal to consumers who are worried both about inflation and the possibility that a recession and investment market volatility could hurt the value of their retirement accounts.
What It Means
Annuity issuers believe your clients are conflicted about where the investment markets are going now.
The New RILA
Clients can buy versions of the new RILA with a one-, three- or six-year term.
