Fidelity Investments® Introduces New Annuity: IncomeSource® Series from Western & Southern Financial Group
October 16, 2017 by Fidelity Investments
October 16, 2017 09:35 AM Eastern Daylight Time
BOSTON–(BUSINESS WIRE)–Fidelity Investments® today announced the addition of IncomeSource®, a Single Premium Immediate Annuity underwritten by two Western & Southern Financial Group (“Western & Southern”) member companies, to the Fidelity Insurance Network®. The first Western & Southern annuity to be offered in Fidelity’s product line-up, it enables individuals to convert a lump sum into guaranteed1 income for as long as they choose — either for life or for a specific period of time.
“IncomeSource is a strong addition to Fidelity’s lifetime income offerings,” said Bill Johnson, president of Fidelity Investments Life Insurance. “Annuities can be an important component of a diversified portfolio and can help people create income designed to last throughout retirement. Through this addition, we are providing another excellent option that will help our clients live comfortably in retirement, while also initiating a new business relationship with an annuity provider noted for stability and strength.”
IncomeSource, which is issued by Western-Southern Life Assurance Company or National Integrity Life Insurance Company2, offers the following advantages:
Increasing Payout Option3 helps protect purchasing power: To help ensure the income stream addresses inflation through the years, this option provides increased annual payouts over the length of the income stream by a compounded interest rate ranging from one to five percent.
Personalization: IncomeSource offers the ability to choose payout options to meet specific needs. Beneficiary protection can ensure a loved one continues to receive specified payouts in the event of one’s passing. Commutation rights can provide emergency liquidity.4
Stability: Individuals enjoy the confidence of a guaranteed cash flow regardless of market fluctuations and downturns. In addition, Western & Southern regards itself as “one of the strongest life insurance groups in the industry,” as evidenced by its strong industry ratings for financial strength and stability.
CF-38-26006 (1710)
“Income guarantees help individuals attain the financial freedom to relax and enjoy their retirement,” said Mark Caner, President of W&S Financial Group Distributors, Inc. “Similar philosophies, cultures and core values, combined with an extremely high mutual regard for clients, make this a powerful alliance for our respective companies.”
Although this is the first Western & Southern annuity to be offered by Fidelity, the Fidelity Insurance Network® also makes available a broad variety of annuity products designed to help people increase savings, protect savings, or guarantee1 income for life. Fidelity has offered annuity products since 1987 that are easy-to-understand, high value and priced transparently and affordable. The product offering includes deferred variable annuities, immediate fixed income annuities, fixed deferred annuities with guaranteed life withdrawal benefits and deferred income annuities.
To learn more about annuities and how they can fit into your overall financial plan, visit www.fidelity.com/annuities/overview or speak with a Fidelity annuity specialist directly at 800-345-1388.
About Fidelity Investments
Fidelity’s mission is to inspire better futures and deliver better outcomes for the customers and businesses we serve. With assets under administration of $6.4 trillion, including managed assets of $2.3 trillion as of August 31, 2017, we focus on meeting the unique needs of a diverse set of customers: helping more than 26 million people invest their own life savings, 23,000 businesses manage employee benefit programs, as well as providing more than 12,500 financial advisory firms with investment and technology solutions to invest their own clients’ money. Privately held for 70 years, Fidelity employs more than 40,000 associates who are focused on the long-term success of our customers. For more information about Fidelity Investments, visit www.fidelity.com/about.
About Western & Southern
Founded in Cincinnati in 1888 as The Western and Southern Life Insurance Company, Western & Southern Financial Group, Inc. (Western & Southern), a Fortune 500 company, is now the parent company of a group of diversified financial services businesses. Its assets owned ($46.5 billion) and managed ($22 billion) total $68.5 billion as of June 30, 2017. Western & Southern is one of the strongest life insurance groups in the world. Its six life insurance subsidiaries (The Western and Southern Life Insurance Company, Western- Southern Life Assurance Company, Columbus Life Insurance Company, Integrity Life Insurance Company, The Lafayette Life Insurance Company and National Integrity Life Insurance Company) maintain very strong financial ratings and a Comdex Ranking of 96.5 Other member companies include Eagle Realty Group, LLC; Fort Washington Investment Advisors, Inc.6; IFS Financial Services, Inc.; Peppertree Partners LLC6; Touchstone Advisors, Inc.6; Touchstone Securities, Inc.7; W&S Brokerage Services, Inc.7; and W&S Financial Group Distributors, Inc. For more information on the Western & Southern family of companies, visit WesternSouthern.com. Western & Southern is the title sponsor of the Western & Southern Open (WSOpen.com), a premier event in the U.S. Open Series played each August by the world’s top-ranked professional male and female tennis players.
1 Guarantees apply to certain insurance and annuity products and are subject to product terms, exclusions and limitations as well as to the claims-paying ability and financial strength of the issuing insurance company.
2 Product issued by Western-Southern Life Assurance Company, Cincinnati, OH or National Integrity Life Insurance Company, Greenwich, NY. Western & Southern Life operates in DC and all states except AK, ME, NH, NY and RI. National Integrity Life operates in NY. Both are members of Western & Southern Financial Group. Single Premium Immediate Annuity contract series ICC16 ENT-01 1701, ENT-01 1701 NY, ENT-01 1701-A NY, ENT-01 1701-B NY, ENT-01 1701-C NY, ENT-01 1701-D NY, ENT-01 1701-E NY, Deceased Commutation Rider series ICC09 ER.02 0901 and Living Commutation Rider series ICC09 ER.01 0901.
3 IPO payments are lower initially than a payment option without IPO. IPO payments increase annually and at some point, depending on payment option elected and annuitant’s longevity, exceed those received under a payment option without IPO. If annuitant dies before life expectancy, a payee may receive less total income with an IPO than without one.
4 By commutation rider and if income option allows. Commutation is not available with life-only payouts and certain- period payouts of less than 10 years. Commutation is currently unavailable in NY and OR.
5 Ranking, current as of October 2017, is subject to change. Insurers ranked on a scale of 1 (lowest) to 100 in an effort to reduce confusion over ratings because each rating agency uses a different scale. For current ratings, please visit WesternSouthern.com/industry.asp
6 A registered investment advisor.
7 A registered broker-dealer and member FINRA/SIPC.
An immediate annuity is permanent. An owner has no access to the premium, which converts to income payouts. A contract has no cash value, no death benefit and can’t be surrendered. Terms such as the payout amounts, timing and rates cannot be changed, unless commutation is elected. Payouts end at annuitant death unless certain period option elected. Life contingent payout may be less or more than premium based on length of annuitant(s) life. Life payouts provide no benefit on or after the death of the annuitant(s). Payment of benefits under an annuity contract is the obligation of, and is guaranteed by, the insurance company issuing the annuity. Guarantees are based on the claims- paying ability of the insurer. Issuer has sole financial responsibility for its products. This contract has limitations. Annuity benefits offered may vary due to misstatement of sex or age. Interest rates are declared by the insurance company at annual effective rates, taking into account daily compounding of interest. Earnings and pre-tax premium payments are subject to income tax at withdrawal. Withdrawals prior to age 59½ are generally subject to a 10% IRS penalty tax.
Investing involves risk including the risk of loss.
Fidelity Investments and Fidelity are registered service marks of FMR LLC.
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Contacts
Fidelity Investments
Fidelity Corporate Communications, 617-563-5800
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or
Ted Mitchell, 401-292-3084
Ted.Mitchell@fmr.com
or
Western & Southern media contact:
Sheila Berding, 513-629-1388
Sheila.Berding@westernsouthern.com
