A new and competitive no-withdrawal charge rider has been added to the Overture Medley variable annuity, issued by Ameritas Life (part of the UNIFI Companies). The optional rider has been designed to provide more liquidity for clients looking to reduce the withdrawal charge period from the standard nine years to zero. Medley currently has a base insurance charge of 0.85 percent, or 1.50 percent total (maximum 2.25 percent) with the rider. This can also be used in concert with the GLWB rider.
With an eye to more transparent annuity transactions, the new ConfirmationCall.com system allows field reps to call a unique toll-free number while booking a sale. The system assigns a confirmation number to the call and helps create a voice record of each transaction, on behalf of the carrier, which is then stored on the carrier’s secure Web account. The company plans to have a significant presence with most annuity carriers by the second quarter of 2009, important as more thorough documentation becomes required in annuity sales.