Securian Financial Group, St. Paul, Minn. (SECUP), has debuted SecureOption Focus, a fixed deferred annuity that offers a choice of initial guarantee periods, a return of premium guarantee and a bonus interest rate in the one-year guarantee period.
Securian Financial says the product provides four initial guarantee periods: 1, 3, 5 and 7 years; and an interest rate enhancement on the one-year guarantee period when conditions permit.
Clients can secure higher interest rates with larger purchase payment and, if they should need to need to surrender their contract, the return of purchase payment guarantee. The product also boasts a 10% free withdrawal provision.
Pacific Life Insurance Co., Newport Beach, Calif., has released an optional withdrawal benefit in Pacific Life's Pacific Index Choice deferred fixed indexed annuity. The new Enhanced Lifetime Income Benefit lets policyholders increase retirement income whether or not the product earns interest.
In Pacific Life’s example, an individual purchases the annuity and optional benefit and waits 10 years before making withdrawals. Instead of having a base of $100,000 from which to draw income, the eight percent annual Credit will, after 10 years, result in a base of $180,000.
Depending on the contract owner's age at the time withdrawals begin, and whether he or she has chosen guaranteed withdrawals over just his or her life or both the owner's life and the life of a spouse, the withdrawal amount could be as much as seven percent annually.
The company adds that this base, called the Protected Payment Base, is separate from the contract's account value. If the account value drops to zero, guaranteed lifetime withdrawals can be made based on the Protected Payment Base amount.
Prudential Financial Inc., Newark, N.J. (NYSE: PRU), is now offer long-term care insurance policyholders access to a personalized guidance to support independent living. Designed by Univita Health, the Univita Living program helps individuals and families find, coordinate and manage their independent living needs.
Program members have access to a variety of services, including assessments to evaluate individuals on key dimensions of independence, a resource library, and direct access to more than 200,000 qualified care and service providers. In addition, the program provides a private social network which allows family members and caregivers to coordinate and share observations and real-time updates about a loved one’s care.
In other company news, the retirement services division of American United Life Insurance Company, an Indianapolis-based One America company, has opened a new regional sales office in the Seattle area. Regional sales director Mike Grimme has moved from OneAmerica’s home city of Indianapolis to the Pacific Northwest to establish the new office.
One America says that Grimme has been regional sales director in the Indianapolis market for the last seven years and has been with AUL for 20 years. Washington, Oregon and Alaska have previously been serviced out of OneAmerica’s San Francisco regional sales office.