NU Online News Service, Sept. 16, 2003, 12:49 p.m. EDT – NatCity Insurance Services Inc., a unit of National City Corp., Cleveland, has agreed to distribute the Nationwide Platinum III Annuity from Nationwide Financial Services Inc., Columbus, Ohio.
NatCity plans to market the annuity through National City’s 1,100 retail bank branches in Illinois, Indiana, Kentucky, Michigan, Ohio and Pennsylvania.
The Nationwide Product that NatCity will be distributing is an individual, single-purchase, payment-deferred fixed annuity.
The annuity offers investors a guaranteed 0.15-percentage point increase in its interest rate each year over two three-year guaranteed rate periods. At the beginning of the fourth year, investors can surrender the contract without consequence if the rate of return for the fourth year is lower than the rate in the first year
Nationwide issues the annuity through its Nationwide Life & Annuity Insurance Company unit. Nationwide Life is responsible for backing all product guarantees.