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May 25, 2005 at 08:00 PM
A New York company has started selling a variable annuity that comes with a flat insurance fee of $20 per month.[@@]
The company, Inviva Inc., says its Jefferson National Life Insurance Company subsidiary will charge just $240 in insurance fees per year for a $100,000 investment in the new Monument Advisor VA contract. That total will be much lower than the industry average, Inviva says.
Inviva has designed the contract for fee-based financial advisors. The contract pays no sales commission and has no product surrender charge, Inviva says.
