Nationwide Releases FIAs With Joint Option
May 23, 2016 by Cyril Tuohy
Nationwide, which rocketed into a Top Three spot in the sales of fixed indexed annuities (FIAs) in the fourth quarter of last year, has launched a pair of FIAs with a “joint option” feature.
The joint option feature allows the annuity’s death benefit to be paid to either surviving spouse, no matter who dies first. This means that the annuity benefits are tied to the annuitant instead of to the owner.
Qualified annuities can have only one account owner so a death benefit will only be paid to the named beneficiary.
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Nationwide was the No. 6 seller of FIAs last year with $2.4 billion in FIA sales, according to Wink’s Sales & Market Report.
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Still, “older people are getting more choices with the Nationwide product and that’s a good thing,” said Sheryl J. Moore, president and CEO of Moore’s Market Intelligence and publisher of Wink’s Sales & Market Report, which tracks FIA sales.
