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Ameritas To Introduce No-Load Annuity

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NU Online News Service, April 21, 2005, 4:17 p.m. EDT

Ameritas Life Insurance Corp. is rolling out a variable annuity aimed at fee-only advisors with clients who are willing to trade through the Web.[@@]

The new Genesis No-Load Variable Annuity contract is a deferred annuity contract that comes with no commission, no sales charge, no surrender charge, no policy fee and at least 15 free Web-based asset transfers per year, Ameritas says.

Ameritas, a unit of Ameritas Acacia Mutual Holding Company, Lincoln, Neb., says the mortality and expense charges will be 0.90%.

The contract will include 20 index-based variable investment portfolios supplied by ProFund Advisors L.L.C., Bethesda, Md. Each portfolio will charge separate expenses of its own.

The trading cut-off time for most of the investment options will be 3:45 p.m. Eastern Time, Ameritas says.