A life insurer has come out with a new variable annuity product.
Old Mutual Financial Network, Atlanta, a unit of Old Mutual P.L.C., London, has started selling the Beacon Advisor VA contract.
The contract, designed for sale through financial advisors, comes with a monthly charge of $20 and a 0.05% expense charge for the first 5 years only, Old Mutual says.
Options available with the contract include a guaranteed minimum withdrawal benefit of 5% per year, with unlimited annual increases based on account value, and a guaranteed minimum death benefit.
The death benefit guarantee rider guarantees return of premium less withdrawals, Old Mutual says.