EIA Honor Roll Recognizes High EIA Renewal Standards
American Equity Investment Life, Des Moines, Iowa, holds first place in the first Advantage Equity Index Annuity Renewal Honor Roll.
In second place is Clarica, Fargo, N.D., and in third place, Lafayette Life Insurance Company, Lafayette, Ind.
Rounding out the honor roll are: Life Insurance Company of the Southwest, Lincoln Benefit Life and Midland National Life.
Compiled by The Advantage Group, a Maryland Heights, Mo. EIA tracking service, the honor roll lists EIA insurers demonstrating high index annuity renewal standards, according to ranking criteria established by The Advantage Group.
The Missouri firm tracks EIA performance data of 44 EIA insurers, the large majority of the EIA market. Available for sale for the past six years, EIAs are fixed annuities that link their credited interest rates to the performance of an identified financial index, such as the S&P 500.
(Note: Some industry executives are now starting to call these products “fixed indexed annuities,” or FIAs. They are doing this to emphasize the fixed status of the products, and because a few of the products link crediting rates to bond indexes as well as equity indexes.)
“The Honor Roll is our attempt to highlight EIA carriers that have treated consumers fairly,” says Jack Marrion, owner of the tracking service.