Investors Heritage Life Insurance Company has introduced a single-premium, non-variable indexed annuity.
The new Heritage Income Advantage contract offers a guaranteed lifetime withdrawal benefit rider. Investors Heritage Life says the rider can provide a guaranteed income stream for life.
The Frankfort, Kentucky-based insurer also is offering an enhanced income benefit rider. That rider can double income for up to 60 months if they lose the ability to perform two of six “activities of daily living,” or ADLs. The ADLs are eating, bathing, dressing, talking, using the toilet and continence. A couple can share the rider.
The trigger for the enhanced income benefit rider is similar to one for stand-alone long-term care insurance but does not include cognitive impairment, according to a brochure posted on the issuer’s website.
The investment index menu includes the S&P 500 index, the S&P Multi-Asset Risk Control 5% Index and the SG Entelligent Agile 6% VT Index
Société Générale worked with Entelligent to develop the SG Entelligent Agile index, based on an Entelligent method for rating S&P 500 companies for environmental sustainability.
In other annuity moves news:
The Alliance for Lifetime Income will be working with Cannex Financial Exchanges Ltd. on annuity and income planning research.
ALI is a Washington-based consumer outreach company. Cannex is a Toronto-based financial services product data provider.
The organizations say their joint research projects will cover topics such as retirement planning trends and use of annuities in retirement planning.
JourneyGuide Inc. is building five annuities from Great American Life Insurance Company into its retirement income planning software.
The annuities are the American Legend 7, Index Frontier 5, Index Protector 5 MVA, Index Protector 7 and Index Summit 6 income contracts.
The system also can model Great American Life’s Index Frontier 5 annuity, according to JourneyGuide.