Ameritas Life Insurance Corp. says it will be introducing a no-load variable annuity that will offer at least 15 free fund transfers per year.[@@]
The new Genesis No-Load Variable Annuity contract will charge 0.90% of assets per year for mortality and expenses, and each of the 20 variable investment portfolios will come with its own expenses charges, according to Ameritas, Lincoln, Neb.
But the annuity will not come with commission charges, sales charges, surrender charges or policy fees, Ameritas says.
VA holders will be able to transfer funds through the Web, and most variable funds will have 3:45 p.m. trading cut-off times, Ameritas says.
Ameritas says it does have a right to charge $10 per trade for holders who make more than 15 transfers per year.