NU Online News Service, June 10, 11:05 a.m. – Inviva Inc., Louisville, Ky., is introducing a new, Web-based variable annuity through its American Life Insurance Company of New York subsidiary.

Registered investment advisors can buy the new Direct Annuity contract for their clients entirely online, inviva says.

American Life will not be collecting any insurance charges. Instead, American Life will share the management fees collected by the participating funds, inviva says.

The annuity will offer a choice of 85 fund options from 12 investment companies, including Delaware Investments, a unit of Lincoln National Corp., Fort Wayne, Ind.; Safeco Funds, a unit of SAFECO Corp., Seattle; and PIMCO Funds, a unit of Allianz A.G., Munich.

Inviva is also know as the creator of a Web-based “instant term life” sales system, which uses temporary term life coverage to give consumers instant protection while life insurers do the underwriting necessary to issue conventional coverage.