New Fixed Immediate Annuity Product Provides Guaranteed Income with Flexibility
|Business Wire, Inc.|
INCOME Promise SelectSM helps advisors offer clients cash refunds for beneficiaries, liquidity, highly competitive pay out rates, and cost of living adjustment
INCOME Promise SelectSM product features include:
- Lump sum cash refunds for beneficiaries of clients who do not outlive their principal investment
- Liquidity options that allow clients to make lump sum withdrawals in the event of emergency or the need for extra cash
- Highly competitive payout rates
- Cost of living adjustment (COLA) option, which now offers up to five percent
- A new, easy-to-use quote and illustration tool to help advisors demonstrate the benefits and features of Income Promise Select.
“Preparing for retirement is more challenging than ever before, given variables like life expectancy, inflation and market volatility,” said
Nationwide Financial’s INCOME Promise SelectSM offers advisors an income solution that can be customized to create a guaranteed income stream based on the individual needs of their clients. Advisors can help clients customize their guaranteed income by choosing to create income for an individual or two people (joint annuitants), for a specific period of time or for their lifetime — whichever best fits their client’s needs.
The liquidity feature provides consumers the confidence to annuitize assets, knowing they can still access their money if they need it. This feature is available with any term-certain or cash refund payment option.
The optional cost of living adjustment (COLA) feature enables investors to hedge against inflation by providing future income increases. The newly improved Nationwide Financial product offers four and five percent COLA options in addition to the one to three percent options available previously. Advisors should note that this feature will lower the client’s initial income payments.
“Too many retirement plans fail to take inflation into account,” Henderson said. “The threat of inflation, including skyrocketing health and long-term care costs, is a great reason for clients to consider taking advantage of the COLA feature. This will enhance their stream of income as the cost of goods and services increase during retirement.”
Annuities have limitations. Please talk with your insurance professional to understand the benefits and limitations of INCOME Promise Select.
INCOME Promise Select, a single-premium immediate fixed annuity, is underwritten by
Nationwide, the Nationwide framemark and On Your Side are service marks of
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All guarantees and protections, where available, are subject to the claims-paying ability of
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