Fidelity Investments has recently announced the launch of IncomeSource®, a Single Premium Immediate Annuity underwritten by two Western & Southern Financial Group member companies. The first of it’s kind for Fidelity, the immediate annuity allows individuals to convert a lump sum of money into guaranteed income for either a specific period of time, or for life.
“IncomeSource is a strong addition to Fidelity’s lifetime income offerings,” said president of Fidelity Investments Life Insurance, Bill Johnson, in a recent press release. “Annuities can be an important component of a diversified portfolio and can help people create income designed to last throughout retirement. Through this addition, we are providing another excellent option that will help our clients live comfortably in retirement, while also initiating a new business relationship with an annuity provider noted for stability and strength.”
IncomeSource offers the following advantages:
- Increasing Payout Option helps protect purchasing power. In order to combat inflation through the years, this option allows for increased annual payouts over the length of the income stream by a compounded interest rate ranging from one to five percent.
- Personalization: IncomeSource allows consumers to choose payout options to meet specific needs. Options include beneficiary protection, which ensures a loved one continues to receive specified payouts in the event of one’s passing, and commutation rights, which provide emergency liquidity.
- Stability: IncomeSource protects against market volatility with guaranteed cash flow. Western & Southern views itself as “one of the strongest life insurance groups in the industry,” as evidenced by its strong industry ratings for financial strength.
“Income guarantees help individuals attain the financial freedom to relax and enjoy their retirement,” said Mark Caner, President of W&S Financial Group Distributors, Inc. “Similar philosophies, cultures and core values, combined with an extremely high mutual regard for clients, make this a powerful alliance for our respective companies.”
While this is the first Western & Southern annuity offered by Fidelity, the insurer has a wide variety of annuity product offerings designed to meet the unique needs of retirement savers. Fidelity has offered annuity products since 1987, including deferred variable annuities, immediate fixed income annuities, fixed deferred annuities with guaranteed life withdrawals benefits and deferred income annuities, and all are easy-to-understand, and priced transparently and affordably.
Written by Rachel Summit