Great-West Financial has entered the low-cost variable annuity market with Smart Track II. Its latest product has no administrative or distribution fees and there is no cost for the income protection guarantee until savings are shifted to the income segment.
According to the company, total costs for this VA are lower than the average variable annuity with similar features. Depending upon the death benefit selected, Smart Track II’s mortality and expense charge is 1 percent, or 1.2 percent of the annuity account value. Fund charges range from 0.46 percent to 1.7 percent of assets.