NU Online News Service, Oct. 28, 2003, 4:11 p.m. EST – Fidelity and Guaranty Life Insurance Company, Baltimore, has introduced an indexed annuity, Spectrum Rewards Bonus, that offers a 6% up-front premium bonus on all first-year premiums and the choice of three S&P 500 index-linked options.

The product is aimed at investors who want a combination of guarantees and a chance to participate in any upswing in the market, says Linda Hoitt, vice president of annuity distribution at F&G.

Features include flexible premiums, an index credit guaranteed never to be less than zero, free partial withdrawals, a reallocation option on the annuity anniversary and a 14-year surrender charge schedule, the company says.

F&G, a unit of Old Mutual P.L.C., London, backs the product guarantees.