Whether it’s on travels, new hobbies or grandchildren, many newly retired Americans actively spend in the first ten years of retirement. In an effort to address this trend, Security Benefit Life Insurance Company (Security Benefit) has launched its new fixed index annuity (FIA), Select Benefit Annuity. This product offers contract-holders the ability to accelerate the amount of income withdrawn in the first decade of retirement, giving a little peace of mind, and boost in income, during this unique period of time.
The latest single premium fixed index annuity from one of the industry’s leaders provides an optional Accelerated Income Rider, allowing buyers to secure higher annual income for the first ten years without risking long-term financial security. According to a recent article from InsuranceNewsNet, after the first ten years, the annual income amount is reduced by half, however the guaranteed stream of income continues for a lifetime.
“The Select Benefit Annuity is further evidence of our commitment to provide financial representatives and their clients with innovative retirement products by using our industry-leading expertise in the fixed index annuity space to help address the need for additional funds in clients’ early retirement years,” said CEO of Security Benefit, Mike Kiley.
Further flexibility is offered with Select Benefit Annuity’s optional Legacy Preservation Rider. This add-on is designed for clients who want to be able to transfer wealth to loved ones.
“We set out to design a forward-looking product that acknowledges the frequent need clients have for more income during their initial retirement years without losing the ability to help legacy-oriented clients reach their long-term legacy planning goals,” stated Doug Wolff, President of Security Benefit. “The Select Benefit Annuity offers two mutually-exclusive riders with bonuses that allow financial representatives to help clients select what is most important to them, accumulation, or helping them achieve their income- or legacy-based goals,” Wolff added.
Options for allocating the purchase payments include seven interest crediting choices, including two custom indexes through S&P and UBS: the S&P 500® Low Volatility Daily Risk Control 5% Total Return Index Account (1 year and 2 year options) and the UBS Market Pioneers Index Account (1 year and 2 year options). Nursing home and terminal illness waivers are featured in the new product, as well as a free withdrawal — beginning in the first year — of up to 5% of the purchase payment.
Security Benefit Life Insurance Company is a Kansas-based company that has been in business for over a century. With more than $30 billion in assets under management, Security Benefit is a leader in a full range of retirement markets.
Written by Rachel Summit