NU Online News Service, Oct. 16, 3 p.m. – MONY Life Insurance Company of America, New York, today introduced two new variable annuity products aimed at high net-worth individuals looking for financial planning flexibility.
The products, which the company dubs C Variable Annuity and L Variable Annuity, both offer 35 variable allocations, including domestic and international equity portfolios and several fixed-income options. The products also offer niche opportunities in industry sector and real estate portfolios as well as a “socially responsive” portfolio.
The new VAs offer customers seeking retirement income an opportunity to diversify their investments, observes Richard E. Connors, senior vice president and head of MONY’s annuities division.
Among other features, MONY’s C Variable Annuity offers flexible payment and no front-end load or surrender charges and a non-qualified and tax-qualified minimum initial investment of $20,000.
The L Variable Annuity is also a flexible payment product but offers a four-year surrender charge that, for each purchase payment received, gradually declines from 8% in each of the first two years to 6% in the third year and 4% in the fourth year. It requires a non-qualified minimum initial investment of $10,000 ($2,000 for tax-qualified). It also offers, among other features, a nursing home waiver that allows the owner access to the investment should the owner be confined to a nursing home.