A new annuity contract comes with a 4% bonus.

Bankers Life and Casualty Company, Chicago, a unit of Conseco Inc., Carmel, Ind., has introduced the Premium Bonus Indexed Annuity.

The contract, part of the Bankers Security Builder annuity series, will pay an up-front bonus equal to 4% of the net single-premium amount that a consumer pays when the annuity is issued, Bankers Life says.

For clients younger than 75, Bankers Life is offering free convalescent care and terminal illness riders along with the policy, the company says.

The company has started selling the product through career agents in more than 20 states.

Bankers Life is responsible for backing the product guarantees.