Dearborn National, a provider of insurance products that cover markets including group benefits, worksite, individual and annuities, has launched the Destination Fortifier Series, a family of single premium deferred multi-year guarantee annuities with an optional market value adjustment (MVA) feature.
According to Dearborn, the Destination Fortifier Series offers a variety of interest rate durations with matching surrender charge schedules. The product also has multiple liquidity options, one of which allows an annual withdrawal of up to 15% of account value after the first year or immediate withdrawals of interest without incurring surrender charges.
In addition, the new product features include an optional MVA in most states and issuance up to age 85 with a full account value death benefit. The new product is backed by the financial strength of Fort Dearborn Life Insurance Company, a Dearborn National brand company.
David Burghard, executive director of individual product management at Dearborn National, said: “The Destination Fortifier Series adds another layer to our already robust lineup of fixed and fixed index annuities. The products are easy for consumers to understand and are available in 47 states.”