NU Online News Service, Sept. 23, 2003, 12:12 p.m. EDT – MONY Life Insurance Company, New York, has introduced an Individual(k) retirement plan for “owner-only” businesses.
An Individual(k) plan is a 401(k) plan for self-employed taxpayers. Clients who buy the MONY Life plan can use interest-sensitive whole life insurance, variable universal life insurance, fixed annuities or variable annuities to fund the plan.
The variable annuity in the plan has a guaranteed minimum death benefit rider, MONY Life says.
MONY Life, a unit of The MONY Group Inc., says it has designed special advisor kits, sales support services, plan installation services and client support services to make the plan easy to sell.
MONY Life will be selling the plan through MONY brokers, MONY career agents, independent agents, brokerage general agencies and MONY’s Trusted Advisors subsidiary.
MONY Life has hired The BISYS Group Inc., New York, to handle administrative support for the Individual(k) plans.