Security Benefit Corporation, Topeka, Kan., launched its Total Value Annuity, a fixed indexed annuity offered exclusively through Advisors Excel, Creative Marketing, Gradient Financial and Impact Partnership.
The Total Value Annuity was designed to protect retirement savings and provide interest on those savings. Built with three different interest crediting options, Security Benefit’s newest product offers a fixed interest rate option or performance based interest results from the S&P 500 Index and/or the 5 Year Annuity Linked TVI Index. Annuity owners can choose to allocate all of their money to one interest crediting option or any combination of the three.
In other industry news:
AIG Benefit Solutions, Neptune, N.J., introduced Income PLUS, a new rider to its Group Long-Term Disability Insurance that provides a one-time, lump-sum payment in the event of a disabling condition.
The Income PLUS benefit is not offset or negated by any other sources of income, and is paid in addition to the monthly benefits offered under the long-term disability product. It can be used by employees as they see fit to help pay debt or medical bills or to provide a financial cushion during a period of disability.
Payable immediately after the 180-day elimination period is satisfied, Income PLUS offers what amounts to 12 months’ worth of benefit at 10% to 40% of income, paid as a lump sum in addition to the monthly LTD payments. The percentage paid under the rider varies according to the rider option selected by the employer. The total income replacement maximum available to employees is 80%, including the underlying LTD plan and the Income PLUS rider benefit.
Assurant Employee Benefits, Kansas City, Mo. (NYSE: AIZ), developed a set of online modules that compare how the indexing methods and offsets of various plans affect disability benefits.
The new offset and indexing tool includes three user-friendly modules, including return to work offsets, Social Security offsets and indexing. Each module includes email functionality so brokers and employers can easily share the information with others.
“Disability insurance can be complicated, yet is extremely important to a disabled individual’s livelihood,” said Scott Horstman, disability product manager, Assurant Employee Benefits. “Employees primarily want to know if their claim will be approved, how much they will receive and for how long. This tool helps answer those questions and simplify disability plans before purchase so brokers and employers can make informed decisions about the best disability plan features to meet their needs and those of their employees.”