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Carrier To Sell VA Contract Through Independent MGAs

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Old Mutual Financial Network has introduced the Beacon Navigator flexible-premium variable annuity.

Old Mutual, Atlanta, a unit of Old Mutual P.L.C., London, will be selling the contract through independent managing general agents, the company says.

Annuity purchasers can buy an account protection package that will give annuitants and their spouses a guaranteed minimum withdrawal benefit of 5% per year.

The package also will increase the death benefit 5% per year, until the death benefit is twice as big as the original death benefit, Old Mutual says.

Old Mutual will be selling the account protection package at time of contract issue for purchasers ages 55 to 75.

The charge is now 0.85% of the subaccount value for single owners and 0.95% for joint owners, and the charge is guaranteed never to exceed 1.15%, Old Mutual says.

An Old Mutual affiliate, OM Financial Life Insurance Company, is responsible for backing the product guarantees.