Financial professionals have a new option for helping clients feel financially confident with a unique variable annuity introduced this month by the Principal Financial Group.

Principal Pivot Series Variable Annuity (Principal Pivot Series) gives clients the "power to pivot" as their needs change and life moves them in different directions. Principal Pivot Series brings together the flexibility of investments, tax deferral, death benefit protection and the opportunity to seamlessly transfer from accumulation to income.

With a broad assortment of traditional and nontraditional investment options, including alternative investments, real assets and managed volatility funds, Principal Pivot Series has the potential to appeal to many investors.

Clients can take advantage of tax deferral for non-qualified assets, which can allow the value of an annuity to potentially grow faster than that of a comparable taxable investment.

"At The Principal, we are passionate about helping people transition into retirement in a way that is unique and customized to fit their personal goals," said Jerry Patterson, senior vice president of retirement and investor services at The Principal.

In addition to a diverse investment platform, Principal Pivot Series offers clients three investment approaches:

Personalized strategy for clients who prefer to create a fully-customizable investment portfolio based on their investment objectives.

Guided strategy for those who want guidance on which investments to choose that meet their risk profile and investment objectives and asset allocation strategy for those who want a managed approach to investing and diversification that includes a mix of stocks, bonds and other investment options.

Principal Pivot Series provides an innovative option for clients to transfer portions of their account value over time to establish a guaranteed income stream available at a future date, for no additional cost.