Transamerica Launches Low-Cost Variable Annuity
April 24, 2020 by Danielle Andrus
On Monday, Transamerica announced the launch of a new variable annuity with average annual fees that are roughly 70% lower than the industry average.
“Variable annuities allow consumers to invest on a tax-deferred basis as they work toward the goal of creating a steady stream of income during retirement,” Joe Boan, senior managing director of wholesale distribution and marketing of individual solutions for Transamerica, said in a statement.
The Transamerica Advisory Annuity has an average expense ratio of 0.52%, compared to 2.24% for the annuity industry overall. It features an investment menu of 26 portfolios managed by Vanguard or Dimensional Fund Advisors, including seven index portfolios. Investors have a choice of death benefits and can access policy value with no surrender charges.
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