NU Online News Service, Sept. 23, 11:23 a.m. – Allmerica Financial Corp., Worcester, Mass., has introduced the Allmerica Select Optim-L deferred variable annuity.
Allmerica has designed the annuity for customers worried about liquidity, by offering a relatively short surrender-charge period.
The charge for contract holders who want to cash out starts at 7% of the account value during the first contract year but drops to zero after three years, Allmerica says.
Allmerica will issue the annuity to clients up to age 85, with a minimum initial payment of $10,000.
Allmerica is offering 43 investment account options with the annuity, a standard death benefit and seven different optional death benefit riders.
Allmerica is issuing the contracts through Allmerica Financial Life Insurance and Annuity Company and distributing the contracts through Allmerica Investments Inc.