Product Trends

ANNUITIES

Max Financial Services JV Unveils Enhanced Variant of “Guaranteed Lifetime Income Plan” . PTI News, October 14, 2022.

Max Life Insurance Company has unveiled an enhanced variant of the Max Life Guaranteed Lifetime Income Plan.This plan offers customers the option to choose between an immediate or deferred annuity. It includes selecting a joint life option to ensure the same amount of lifelong annuity for their loved ones even after they die.

Ash Brokerage Selected to Distribute Transformative New Annuity Product. Press release, December 2022.

Ash Brokerage recently partnered with the National Western Life Insurance Company to become one of a few select distributors of an innovative, single premium immediate annuity. The product, NWL Income +, will provide lifetime income that delivers on two key features advisors and their clients are looking for in an income product.

North American Launches Income Pay Pro Fixed Index Annuity (FIA). PR Newswire, November 8, 2022.

The Income Pay Pro is a modified single premium FIA with an embedded guaranteed lifetime withdrawal benefit (GLWB) rider offering guaranteed lifetime income. The GLWB value initially equals 100% of the premium and increases by a set percent roll-up rate compounded for up to 10 years, or until the lifetime payment election date, if earlier.

Penn Mutual Introduces New Survivorship Indexed Universal Life. PR Newswire, November 2, 2022.

The Survivorship Indexed Universal Life (SIUL) is a permanent life insurance product for two people in one policy. SIUL provides death benefit protection paid to beneficiaries after the death of the second covered individual – a spouse, domestic partner, or even a business partner.

Allianz Lifetime Income+ Annuity Now Available in Plans Nationwide. Press release, November 1, 2022.

Allianz Lifetime Income+ Annuity with a Lifetime Income Benefit, a fixed index annuity, is now available in defined contribution plans nationwide. It offers innovative design features, including growth potential, protection from market loss, and guaranteed lifetime income.

Pacific Life's Collaboration with the Bank of America Introduces a New Lock‐In Feature. Press release, November 1, 2022.

The Pacific Index Dimensions fixed indexed annuity has been enhanced. Five new crediting options have been added to its Pacific Index Dimensions fixed indexed annuity. The crediting options are linked to the BofA Iris U.S. Sectors Index. Two of them can be used with the index lock‐in feature, which allows clients to lock in market gains.

Humana, USAA Launch New Medicare Advantage Plan Tailored to Veterans' Needs. ENP Newswire, October 13, 2022.

The Humana USAA Honor with Rx plan is available to anyone eligible for Medicare and, starting in 2023, is offered in eight states. The plan provides the ﬂexibility for veterans to see in-network local doctors and fill prescriptions at pharmacies close to home.

New Ohio National Fixed Indexed Annuity Rider Offers Guaranteed Retirement Income Growth. Press release, October 3, 2022.

The annuitant’s income increases every year, regardless of market performance. This guaranteed growth may help keep retirement assets ahead of inflation and allow retirees to maintain their standard of living. The new rider offers the ability to increase retirement income every year for life. The option is now available on Ohio National’s Ondex fixed indexed annuity products.