NU Online News Service, July 26, 10:25 a.m. – Nationwide Financial Services Inc., Columbus, Ohio, has introduced a new single-premium, deferred fixed annuity, the Nationwide Quatro Select Annuity contract.
Purchasers can choose one-year, three-year, five-year or seven-year interest-rate guarantee options, and the contract guarantees that renewal interest rates will not drop below 3%.
The contract pays more interest in the first year to purchasers who put in more cash, Nationwide says.
Nationwide will not charge up-front load fees or annual administration charges, and it will waive early-withdrawal charges for annuitants and beneficiaries who withdraw cash to cope with nursing home confinement of the annuitant, a terminal illness affecting the annuitant, the death of the annuitant, or individual retirement accountant minimum distribution requirements.
Nationwide plans to distribute the annuity through agents, banks and thrifts.