Fidelity & Guaranty Life Introduces Traditional Deferred Annuity Series Focusing on Income
June 26, 2013 by N/A
BALTIMORE —
Fidelity & Guaranty Life Insurance Company has introduced the Simplicity Elite series, a traditional deferred fixed annuity designed to address the needs of today’s consumers who are nearing retirement.
“We wanted a product that boldly addresses pre-retirees’ and retirees’ need for guaranteed lifetime income. Simplicity Elite’s primary value focuses on creating income through a very competitive benefit base,” stated Brian Grigg, Fidelity & Guaranty Life’s Vice President, Annuity Distribution.
“Some agents have told us that they want to lead (at least with some of their clients) with the income story and don’t want to complicate it with indexing methods. A traditional fixed annuity chassis provides that simplicity (pun intended).
“Consumers tell us they want a product they can easily understand. They want to know the dollars in simple terms. With the built-in Guaranteed Minimum Withdrawal Benefit (GMWB) rider, as an example, we can say that on a guaranteed basis, $100,000 from a 55 year old provides annual income of $9,600 for life starting at age 65. Or, pay a single premium of $100,000, wait 10 years, and get 9.6% of your income base annually for your life. Consumers understand this. Simplicity Elite provides this.”
Mr. Grigg also noted that along with the GMWB rider, the Simplicity Elite series offers minimum guarantees and the Guaranteed Minimum Death Benefit (GMDB) rider, and a vesting premium bonus available on the 10 and 14 year product. The minimum premium is $10,000 and Simplicity Elite is available in 7, 10 and 14 year durations.
The development of Simplicity Elite was a collaboration between Fidelity & Guaranty Life and an independent marketing organization. “Simplicity Elite was created with the soon-to-be-retiree in mind, and no one knows the market better than our independent agents,” Mr. Grigg added.
About Fidelity & Guaranty Life
Incorporated in 1959, Fidelity & Guaranty Life Insurance Company has a solid commitment to serving the individuals it knows best – middle market consumers seeking the safety, protection, accumulation and income features of secure life insurance and annuity products. Fidelity & Guaranty Life offers its series of focused life insurance and annuity products through its network of independent marketing organizations. Insurance products are offered through Fidelity & Guaranty Life Insurance Company in every state, other than New York, as well as the District of Columbia. In New York, products are offered through a wholly owned subsidiary, Fidelity & Guaranty Life Insurance Company of New York. Policies are distributed nationwide via independent distribution. For more information, please contact Paul Tyler, Senior Vice President, Strategy & Corporate Development (paul.tyler@fglife.com) or visit www.fglife.com.
Form Numbers: API-1044 (11-12), ACI-1044 (11-12), et al.
Annuities issues by Fidelity & Guaranty Life Insurance Company, Baltimore, MD. Guarantees are subject to the claims paying ability of Fidelity & Guaranty Life Insurance Company. Optional provisions and riders may have limitations, restrictions and additional charges. Subject to state availability. Certain restrictions may apply. Surrender charges may apply to withdrawals.
Withdrawals may be taxable, and when made prior to age 59 ½ may result in tax penalties. Withdrawals will reduce available death benefits and future income. This product is offered on a group or individual basis as determined by state approval. Annuities are long-term vehicles to help with retirement income needs.
