A Midwestern insurer has come out with a savings product for consumers who are feeling indecisive.

Conseco Insurance Company, a unit of Conseco Inc., Carmel, Ind., has introduced the Conseco Command equity indexed annuity, a single-premium annuity with returns tied to the performance of the S&P 500 stock index.

Younger purchasers can earn a persistency bonus of 10% if they keep their annuities in force for 16 years, and the product also offers a choice of 4 different “free-out” windows, Conseco says.

When a consumer buys the product, the consumer can choose to have no free-out option or to have windows of 4, 8 or 12 years, Conseco says.

With the 4-year free-out window, for example, a contract holder can withdraw all or a portion of the cash value on the contract’s fourth anniversary without paying surrender charges, Conseco says.

All contract holders can take cash value out of the annuity free of surrender charges after year 16, Conseco says.

A death benefit rider aimed at purchasers under age 76 can pay beneficiaries 200% of the value of paid contributions, minus withdrawals, if the contract holder dies before the contract is annuitized, Conseco says.

Other features include a free nursing care rider and a free terminal illness rider.

Conseco developed the contract together with Actuarial Development Services, L.L.C., a unit of Ameri-Life & Health Services of Clearwater L.L.C., Clearwater, Fla.