Fidelity & Guaranty Life, a leading provider of fixed indexed annuities (FIA) and fixed indexed universal life products, announced the launch of FG Retirement Pro, an innovative annuity offering that is designed to provide income payments for retirees.
The company designed this unique product to offer protection in retirement by potentially growing the benefit base through indexed interest credits, rather than the account value. The account value then grows by an annually declared fixed interest rate.
This Guaranteed Minimum Withdrawal Benefit (GMWB) feature has no explicit fee. FG Retirement Pro offers a vesting premium bonus and a range of the most popular indexed interest crediting options on the benefit base.
Brian Grigg, Vice President of Annuity Distribution at FGL said, "The design of FG Retirement Pro puts strong indexing opportunity into the income feature. Its innovation lies in its income potential. "
He added, "The competitive arena for FIAs for many years now has been with income. Early versions provided a fixed roll-up rate as a way to grow a benefit base. FG Retirement Pro combines the fixed rate with the potential of a higher overall roll-up rate through indexed interest credits to the benefit base."
FG Retirement Pro is available for sale immediately.
Fidelity & Guaranty Life, an insurance holding company, helps middle-income Americans prepare for retirement. Through its subsidiaries, the company offers fixed annuity and life insurance products distributed by independent agents through an established network of independent marketing organizations.