Earlier this week, DPL Financial Partners, an insurance network for registered investment advisors (RIAs) teamed up with Security Benefit Life Insurance Company to launch a new fixed index annuity. ClearLine is a commission-free fixed index annuity that was created in response to feedback from DPL’s RIA members, according to a recent article from AP News. It offers a simplified product structure and provides a rising income feature that increases income payouts each year.
“The launch of this ClearLine FIA reflects the power of the DPL network in action,” said DPL Founder and CEO David Lau. “We gathered feedback from our members about product features and design. And we found a great partner in Security Benefit to build it. We are excited to enable our members to leverage the principal protection and increasing lifetime income benefits this product provides for their clients.”
President of Security Benefit, Doug Wolff had this to add: “This is a powerful retirement savings and income solution designed for consumers who work with RIAs and fee-only advisors, and is a continuation of our commitment to develop innovative annuity products to distribute through our partnership with DPL Financial Partners. ClearLine can provide RIAs and their clients some of the upside potential of the equity markets, with zero downside risk, and access to lifetime income solutions.”
“We worked closely with DPL to build ClearLine from the ground up,” Wolff continued. “We developed the product and included features based on direct input from advisers. We are able to offer very competitive cap rates, spreads, participation rates, and payouts in this product, and we believe ultimately deliver great customer value.”
ClearLine features the Rising Income Rider which pays rising income for life and has an elective withdrawal feature for non-qualified contracts that may reduce the tax burden for some retirees by spreading the taxable gain portion of the income payments over a longer period of time.
Written by Rachel Summit