According to Eagle Life Insurance, the Income Focus product provides principal protection, growth potential
Iowa-based Eagle Life Insurance has launched a new income-focused fixed index annuity product called Eagle Select Income Focus.
According to the annuity provider, the new product has been designed for clients who are looking for safety of principal, growth potential, and an income stream that is not outlived.
Eagle Select Income Focus joins the company’s Eagle Select series of fixed index annuities.
Eagle Life Insurance chief distribution officer Kirby Wood said: “We’re excited to offer a new product that is easy to understand and helps provide guaranteed lifetime income.
“People work hard to build their retirement nest egg, and we look forward to helping them with their financial security concerns.”
The new fixed index annuity product provides a Lifetime Income Benefit Rider with Wellbeing Benefit option to clients that will not have an yearly fee applied to the contract, said Eagle Life Insurance.
The Wellbeing Benefit option is not driven by confinement, and clients get to improve their income payments for up to five years if they are not able to carry out two out of six activities of daily living, said the company.
Eagle Select Income Focus is also said to provide flexible premiums that do not extend the surrender period, a seven-year surrender charge schedule, and 10% penalty-free withdrawals from contract value beginning from the second year.
Eagle Life Insurance president Ron Grensteiner said: “Retirement goals differ from person to person, and we strive to meet everyone’s individual needs.”
Eagle Life Insurance is a subsidiary of American Equity Investment Life Insurance
Headquartered in West Des Moines, the company offers fixed and fixed index annuities that are sold through broker-dealers and banks. The annuity provider, which was founded in 2008, is a fully-owned subsidiary of American Equity Investment Life Insurance.
Eagle Life Insurance’s parent company is an underwriter of fixed annuity products with a focus primarily on the sale of index annuities.
Last month, American Equity Investment Life launched a new fixed index annuity product called the AssetShield, which is said to provide multiple allocation strategies, growth opportunity potential and enhanced liquidity options for added access to and control of money when required by clients.