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Vanguard To Sell Immediate Annuity

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NU Online News Service, May 27, 2003, 12:21 p.m. EDT – The Vanguard Group, Valley Forge, Pa., says it will start marketing an immediate variable annuity contract backed by units of American International Group Inc., New York, this fall.

AIG will write the Vanguard Lifetime Income Program annuity through AIG Life Insurance Company in most of the United States and through American International Life Assurance Company of New York in New York state, Vanguard says.

The annuity will offer buyers a choice of a fixed payment option or a variable payment option. Customers who choose the variable option will be able to put their assets in the Vanguard GNMA Fund and other Vanguard investment funds, Vanguard says.

Vanguard already markets term life insurance, a variable annuity and a fixed annuity.