Great American Life has teamed up with Barnabas Capital to offer 2 new variable annuity products. Index Frontier® and Index Summit 6sm variable-indexed annuities were created for investors who are not satisfied with low fixed-income yields and want more protection than that provided by equities. According to a recent Yahoo!Finance article, these products offer competitive earning potential and partial protection from market loss, which makes them attractive in a volatile market.
When consumers choose an Index Frontier annuity, they have the option to allocate money to indexed strategies that provide an opportunity to benefit from market growth while enjoying a set level of protection from market downturns. Losses are capped at 0% or 10% each term.
The Index Summit 6 launched back in May and is the only annuity on the market that offers indexed strategies with upside AND downside participation rates. Currently there is a 50% downside participation rate with upside rates of up to 120% for the first term. This allows consumers to outperform the market while assuming just half the risk of index downturns each term.
“We are excited to join forces with a solution-focused organization like Barnabas Capital,” said Tony Compton, Divisional Vice President of B/D and RIA Sales for Great American Life. “As the bull market rages on, people are growing nervous that a correction will happen soon. Many consumers are seeking products that provide some protection, but they don’t want to forfeit their opportunity for asset accumulation. Our variable-indexed annuities answer the call, allowing growth-focused clients to mitigate some downside risk.”
Joe Powell, President of Barnabas Capital, said that the addition of Great American’s products was an easy choice.
“Great American has a great reputation in our industry and we are incredibly excited to work with them,” Powell said. “Their commitment to product simplicity, competitive solutions and their long history of financial strength makes them an ideal carrier. As evidenced by growing annuity industry sales, consumers are looking for financial solutions that help balance growth with a level of protection. Great American has a strong suite of variable-indexed annuities to address this need.”
Great American Life Insurance Company® is rated “A+” by Standard & Poor’s and “A” (Excellent) by A.M. Best for financial strength and operating performance.
Written by Rachel Summit