Growth for VAs with alternative options expected
By National Underwriter
By Michael K. Stanley
Sales of marketFLeX, Nationwide’s alternative investment variable annuity (VA) are up more than 50 percent from last year.
With higher tax rates introduced this year highlighting the tax efficiency of alternative investment VAs, coupled with the overall sentiment of unease surrounding the market, non-correlated products are enjoying wide-ranging appeal.
Nationwide expects the strong sales to continue throughout the year with product improvements and an advanced sales force further piquing interest in the alternative investment VAs.
Allianz Life Insurance Company of North America (Allianz Life), in an attempt to close the income gaps that many retires face, announced the launch of the Allianz Core Income 7SM Annuity with its Core Income Benefit rider (The Core Income 7).
The first fixed indexed annuity (FIA) by Allianz Life designed to be utilized by the broker/dealer channel, offers customers protection while allowing them to maintain accumulation potential, death benefits for beneficiaries and choices for guaranteed lifetime income withdrawals.
The Core Income Benefit rider, included in the product automatically -- albeit at an additional cost -- is currently available in 39 states. The rider guarantees principal and credited interest against losses in market downturns. The lifetime withdrawal percentage, which automatically increases as early as age 45 and continues each year the customer puts off beginning lifetime withdrawals, also allows customers to remain in the accumulation phase, rendering higher income payment percentages during payout.
Clients can decide on one or more interest crediting allocations, which can be changed annually. They can earn fixed interest or elect to earn indexed interest on the changes in various market indexes, including the new Barclays Dynamic Balance Index.
Once the accumulation is over, retirement income concerns are addressed by two lifetime income withdrawal options: As early as age 50, clients can decided whether they would like level payments that offer predictable income for life or payments with the potential to increase each year.
Though the broker/dealer channel will be the main distribution method, the product will also be sold through field marketing organizations associated with the Allianz Preferred Platform.
Jackson National Life Insurance Company (Jackson National), a provider of retirement solutions and educational resources announced today that it was selected for the 2013 Information Week 500.
Information Week, which provides IT executives information and analysis through digital issues and webcasts, seeks to identify the most innovative use of technology with its 500 listing.
Jackson National’s design and implementation of new technology and retirement products is what brought them to the list.
In personnel news:
New York Life Insurance Company (New York Life) announced that David J. Castellani has been named as the company’s Business Information Officer.
The newly crafted position will find Mr. Castellani translating New York Life’s business goals into clear enterprise technology solutions. He will also be responsible for driving process solutions across company operations and will oversee all information technology initiatives. He will be reporting to Executive Vice President and Chief Administrative Officer Frank M. Boccio. Mr. Castellani was also elected a senior vice president.
Originally published on LifeHealthPro.com