Conseco Insurance Company has introduced an equity indexed annuity with features designed to appeal to consumers who want some access to their cash.[@@]

The annuity, the Conseco Patriot annuity, is a 12-year, flexible-premium contract that gives holders the ability to withdraw up to 100% of earnings without surrender charges, according to Conseco Insurance.

Holders can reallocate assets between 1 fixed-rate option and 2 S&P 500 Index options on each contract anniversary.

The annuity comes with built-in riders that allow holders to withdraw 100% of funds without paying surrender charges to cover the cost of nursing home care, Conseco Insurance says.

The annuity also includes a built-in terminal insurance rider that permits clients to withdraw up to 75% of contract value without surrender charges, Conseco Insurance says.

Conseco Insurance, the company responsible for backing the annuity guarantees, is a unit of Conseco Inc., Carmel, Ind.