Nationwide, last year's fastest growing fixed indexed annuity (FIA) carrier, announced that it added two FIAs to its lineup to help advisors with risk-averse clients approaching retirement provide an option for some growth potential with the comfort of a principal guarantee.
The new FIAs, Nationwide SummitSM and Nationwide PeakSM, allow advisors and clients to choose their own index allocation mix by percentage. They can choose one or multiple indices for their individualized index allocation strategy.
Clients also can allocate some of their investment to the guaranteed fixed account in addition to the indices.
Nationwide Summit offers clients access to the S&P 500® and J.P. Morgan MOZAICSM Index (USD), a multi-asset index designed to create consistent returns based on a combination of broad diversification, positive momentum and volatility smoothing. J.P. Morgan MOZAIC is only available as an index option within FIAs from Nationwide.
"J.P. Morgan MOZAIC’s track record of generating stable returns is a key part of what makes it compelling to both advisors and clients," said Eric Henderson, senior vice president of life insurance and annuities at Nationwide.
"When you pair this unique index option with the principal protection feature of both Summit and Peak, it presents an attractive retirement planning solution for risk-averse clients looking for the opportunity for growth."
Nationwide Peak offers clients access to the S&P 500 and MSCI EAFE.
The launch of the FIAs follows Nationwide’s 470 percent year-over-year increase in 2015 FIA sales, propelling the company to a top-five 2015 ranking2 and making it the fastest growing carrier in the top 30 FIA providers3.
The dramatic increase in sales pushed Nationwide up 17 spots from its 2014 position.
Both Nationwide Summit and Peak FIAs offer the Joint Option feature upon death for no additional cost. The Joint Option allows the annuity’s death benefit to be paid to either surviving spouse, no matter who passes away first or who owns the contract – even in an IRA.
Nationwide is able to offer this feature on qualified money due to our death benefits being annuitant driven versus owner driven.