According to a recent press release, North American Company for Life and Health Insurance has just launched a new fixed index annuity that offers flexible liquidity while building guaranteed income for life. The Strategic Design Annuity X (SDA X) is the industry’s first fixed index annuity to offer a penalty free withdrawal feature.
“SDA X is designed to be as dynamic as life itself,” said Rhonda Elming, North American’s senior vice president of annuity product development. “It’ll help you adapt to the unexpected twists and turns of retirement income planning.”
The penalty free withdrawal feature is available through the embedded benefits rider, which is automatically included for a 0.95% annual charge. The penalty free withdrawal amount is based on the customer’s deposit, making it predictable each year. In addition, SDA X provides a strong guaranteed lifetime withdrawal benefit value that increases to 200% of the interest credited.
Yet another key feature of SDA X is the choice given to clients on how to receive lifetime income payments. When lifetime income payments begin, clients can opt for either a level lifetime payment or an increasing lifetime payment. SDA X also utilizes the Inverse Edge Trigger crediting strategy, which provides clients with positive interest credits when the S&P 500 index is flat or loses value. According to Chris Conroy, North American’s head of annuity sales, “It’s just one more of the features that led the company to call SDA X the industry X-factor.”
“SDA X is another innovation from North American designed to help meet retirees where they are in life. As a retirement income planning tool, SDA X is designed to offer the needed flexibility and liquidity to meet planning challenges,” Conroy added.
SDA X is available now in 42 states. For questions on this or any other annuity product, contact Annuity FYi at 1-866-223-2121, or email us at firstname.lastname@example.org.
Written by Rachel Summit