An insurer has started selling a new retirement income product.
Securian Financial Group, a unit of Minnesota Mutual Insurance Companies, St. Paul, Minn., has introduced the IncomeToday! single-payment immediate annuity.
The product can convert lump sums of $25,000 to $2 million into a lifetime income stream or into an income stream that will continue for a specified period, Securian says.
The product also provides a one-time advance withdrawal benefit.
A joint-life option is available, and the product is available to any applicant up to age 90, Securian says.
Securian’s Minnesota Life subsidiary issues the annuities and is responsible for backing the product guarantees.