Bankers Life and Casualty Company, a national life and health insurer, announced a new addition to its portfolio of annuity products, guaranteed lifetime income annuity (GLIA).
GLIA is a single-premium fixed indexed annuity designed to provide customers with a safe and reliable retirement savings solution that can help accumulate savings, and provide the opportunity to select a guaranteed income stream.
With this annuity product, customers may opt to receive a guaranteed, predictable income stream for life without having to annuitize their policy.
"With the increase in average life expectancy, our customers' concerns about outliving their income are very real," said Scott Goldberg, president of Bankers Life.
"Our new annuity will help ease their concerns about not only whether they will have enough money for the rest of their life, but how much they can expect. Our product offers a simple design that provides purchasers with control, flexibility and the potential for growth, for the entire life of their retirement."
The benefits of GLIA include:
Principal safety and growth potential – offers the simplicity of a traditional fixed annuity combined with the opportunity to earn interest linked in part to an external market index, all while protecting the annuity's principal against downside market risk.
Guaranteed lifetime income option – offers predictable, dependable income payments for life and customers can know exactly how much yearly income they will receive for as long as they live.
Flexibility and control of money – offers the ability to stop and restart lifetime income payments as customers' needs change, and provides the option to access annuity funds in times of financial uncertainty.
With GLIA, customers can elect the Lifetime Income Withdrawal benefit to begin receiving payments that may continue even if the account value is depleted by the Lifetime Income Withdrawals. Customers who are at least 60 years old can elect this benefit after they have had the annuity for at least one year.
The Guaranteed Lifetime Income Annuity benefit is currently available through Bankers Life insurance agents in eight states: Indiana, Iowa, Michigan, North Carolina, Ohio, Pennsylvania, Texas, and Washington, with availability in other states pending. Policy benefits may vary by state.
Bankers Life focuses on the insurance needs of middle-income Americans who are near or in retirement. The Bankers Life brand is a part of CNO Financial Group, whose companies provide insurance solutions that help protect the health and retirement needs of working Americans and retirees.