Fidelity & Guaranty Life Insurance has introduced a new annuity product, Income and WealthBuilder, to meet the needs of retirement savers.

The new product offers accumulation and income benefits to the retirement savers.

Income and WealthBuilder features five interest crediting options, and provides seven-year and ten-year surrender schedule option for maximum flexibility.

FGL annuity distribution vice-president Brian Grigg the company is anticipating strong sales for this important new product.

"Pre-retirees and retirees remain a growing segment of the US population and continue to drive the need for safe accumulation and income guarantees, among other important features that FIAs offer," Grigg added.

In addition, the product provides an optional Guaranteed Minimum Withdrawal Benefit Rider (GMWB) that helps the owner to receive the larger of premiums paid in the first contract year.

Fidelity & Guaranty Life provides insurance products that serve the middle-income market. The company’s products are distributed by independent agents through a network of independent marketing organizations.