Fidelity & Guaranty Life Insurance Company has introduced a traditional deferred fixed annuity named Simplicity Elite to the address needs of pre-retirees.

Simplicity Elite series offers minimum guarantees and the guaranteed minimum death benefit rider, and a vesting premium bonus on the 10 and 14 year product.

Fidelity & Guaranty Life vice president of annuity distribution Brian Grigg said, "We wanted a product that boldly addresses pre-retirees’ and retirees’ need for guaranteed lifetime income.

"Simplicity Elite’s primary value focuses on creating income through a very competitive benefit base."

Customers can buy Simplicity Elite for 7, 10 and 14 year durations with a minimum premium of $10,000.

The annuity was developed in collaboration between Fidelity & Guaranty Life and an independent marketing organization.