AIG Life & Retirement has just launched Power Index Premier NY Index Annuity with Lifetime Income Builder, according to a recent press release. The new annuity product was developed exclusively for the state of New York and is the only index annuity that gives residents of the state the option of a living benefit rider.
Guaranteed living benefit (GLB) riders often provide lifetime income that keeps up with the rising costs of retirement. The Lifetime Income Builder GLB rider provides lifetime income that is guaranteed to grow every year that income is deferred for up to 15 years.
Many Americans are seeking financial products that can provide growth and protection in these uncertain times. According to a recent study from Alliance for Lifetime Income, 70% of pre-retirees are feeling more pessimistic about their financial futures with only 33% feeling confident they will have enough income to cover retirement costs.
“We are delighted to bring consumers a lifetime income solution that can provide more certainty in today’s unpredictable times,” said Bryan Pinsky, Senior Vice President of Individual Retirement Pricing and Product Development at AIG. “As the only company to offer an index annuity with a GLB rider in New York, we’re continuing our legacy of innovation and our commitment to help clients grow and protect their income for life.”
When consumers purchase Power Index Premier NY they’ll gain tax deferral, principal protection against market downturns, growth potential through a diverse range of index interest accounts, and guaranteed lifetime income growth, all without annual fees.
“With the launch of this innovative index annuity, AIG Life & Retirement now offers New York residents a complete suite of annuities with guaranteed living benefit riders, including the Polaris Variable Annuities with Lifetime Income Max and the Assured Edge Income Builder NY Fixed Annuity,” added Pinsky. “We’re better positioned than ever to address the lifetime income needs of our New York clients and to support our distribution partners who are helping clients build a bright financial future.”
Written by Rachel Summit