According to a recent press release, Global Atlantic Financial Group has just rebuilt its entire fixed index annuities suite in an attempt to address growing retirement challenges. The overhaul included enhancements to both income and death benefit options, which now offer guaranteed growth of benefits and immunity from market volatility.
“Our new annuity products offer benefits that support our continued focus on strategies to help customers save for and protect their lifestyle in retirement,” said Paula Nelson, President, Retirement, at Global Atlantic.
The improvements were made in response to a study that was published earlier this month by the Social Science Research Network (“SSRN”). The research showed that bankruptcies among those age 65 and older have tripled since 1991. Experts believe that the shift of financial responsibility in retirement away from employers and the government is largely to responsible, as is the escalating cost of healthcare.
“Retirees want a protected source of income for retirement needs,” Nelson stated. “Our income options are enhanced and offer the ability to build guaranteed lifetime income to, and through, retirement.”
The updated annuity suite also features greater access to income if necessary for certain healthcare needs. A more substantial legacy is also possible now with a new death benefit feature.
As of June 30, 2018, LIMRA reported that Global Atlantic’s fixed index annuity (FIA) sales rank rose five places (from thirteenth) over the last year. The updated lineup of offerings is an effort to build on this momentum. The new FIA offerings are available through broker-dealers, banks and independent agents across the country, although benefit availability may vary by product, state and firm.
Written by Rachel Summit