NU Online News Service, Feb. 7, 2005, 4:51 p.m. EST

A Carmel, Ind., insurer has introduced a new equity-indexed annuity.[@@]

The insurer, Conseco Inc., says the new product, the Conseco 7 annuity, is a 15-year, flexible-premium annuity that offers a menu of 7 asset-growth options and a 7% bonus on all premiums paid during the first year that a contract is in effect.

Customers can link asset growth to the performance of the S&P 500 index, the S&P MidCap 400 index or the Russell 2000 index, or they can choose to lock in a fixed rate for 1 year.

Customers can put all funds in 1 option, allocate funds among 2 or more options, and change asset allocations on each contract anniversary, Conseco says.

Customers can get nursing care riders and terminal illness riders with the Conseco 7 annuity at no additional cost, Conseco says.