Nationwide Adds Fee-Based Guaranteed Lifetime Withdrawal Benefit Rider: Annuity Moves
FIDx, American Equity, Credit Suisse and Salt Financial also have annuity moves news.
Nationwide is showing fee-based financial advisors that it’s sticking with the annuity living benefits market, in spite of COVID-19 and low interest rates.
The Columbus, Ohio-based insurer is introducing the Nationwide Pro 4 Income Rider, a new, fee-based guaranteed lifetime withdrawal benefit (GLWB) product.
Nationwide is offering the optional rider GLWB only with the Nationwide Advisory Retirement Income Annuity (NARIA) variable annuity contract. Nationwide designed the NARIA contract to appeal to registered investment advisors and other fee-based financial professionals.
The new rider can provide a steady stream of income that will last for the holder’s entire life, and the life of a spouse, even if the contract value falls to $0, Nationwide says.
The rider guarantees a lifetime withdrawal percentage of 4% of the contract value for single-life riders and 3.75% for joint option riders.
The cost is 0.45% of contract value for the single-life version and 0.6% of contract value for the joint version.