To safeguard a level of retirement cash flow from possible stock market declines

Security Mutual Life has introduced a new retirement income product, an immediate annuity contract. The product offers a guaranteed lifetime income to the purchaser, said the company.

The product has been introduced to protect a level of retirement cash flow from possible stock market declines. The Security Mutual immediate annuity offers an array of liquidity options that allows the annuitant to receive unscheduled lump sum payments from the contract.

These new liquidity options, not typical of immediate annuities, will provide the retiree with access to customer’s funds in the event of a financial emergency, to take advantage of a financial opportunity or simply for whatever purpose the retiree may deem appropriate. The retiree does not have to provide any reason to Security Mutual for his exercising the liquidity option.

Under one of Security Mutual liquidity options, partial withdrawals are available as of the 5th, 10th, and 15th contract anniversaries. Another liquidity option, available with term certain annuities, permits the owner to withdraw the present value of the remaining term certain payments.

Finally, the owner may at least once during the lifetime of the contract accelerate up to 50% of annuity income payments due in the next 12 months.