There is still variable annuity product innovation going on in the industry, despite the fact that a lot of the attention has gone to fixed indexed annuities lately. Although their sales haven’t been increasing, variable annuities still account for the vast majority of total annuity sales and they still offer valuable solutions to many consumers. Great-West Financial just introduced a new variable annuity this month called the Great-West Smart Track II – 5-year Variable Annuity. Insurance News Net talked about this new annuity in the article “Great-West Launches New Variable Annuity.”
The Smart Track II will be available through Wells Fargo Advisors, LLC’s 15,000 or so financial advisors. It’s a low cost variable annuity that offers unique benefits and options to consumers. Great-West innovated this variable annuity so that advisors would be able to offer retirement income solutions and investment growth to their clients. The product is flexible and can be easily customized to meet individual needs. Great-West’s Bob Shaw said that solving for longevity risk is the biggest issue facing annuity providers and advisors. There must be a product within each individual’s retirement plan that ensures they will not run out of money for as long as they live. It’s really the only way to know that your financial security is set for the future and alleviate financial worries in retirement.
Both companies are excited for their partnership selling the Smart Track II – 5-year Variable Annuity product. Wells Fargo Advisors’ Bernie Gacona said that his company is excited to offer their clients such value during a time when the markets have been volatile. He also praised the tax deferral, asset protection and the lifetime income opportunities afforded by this particular variable annuity. Great-West Financial’s Mike McCarthy said that both companies work hard to provide their clients with financial security that will last for as long as they live and this partnership will benefit consumers tremendously.
Here are some of the benefits of the Great-West Smart Track II. It is low cost and is a dual strategy variable annuity. The product is investment-focused and offers a return of premium death benefit, something that many consumers are looking for. The Smart Track II also offers a guaranteed lifetime withdrawal rider so that investors can lock in their future income stream. There are three different ways that investors have the potential to increase their income during retirement. Another benefit unique to this variable annuity is that the single life and joint life retirement income has the same charge of .90%. You can also choose whether you want to have single or joint lifetime withdrawals when your income starts.
Great-West Financial’s new low cost variable annuity product offers unique benefits to consumers through a partnership with Wells Fargo Advisors, LLC. In a time when indexed annuities are getting a lot of the spotlight, this variable annuity is something to consider if you are looking for investment growth potential and a retirement income stream.
Written by Rachel Summit