New retirement products (AP Images)

Prudential Annuities, the domestic annuity business of Prudential Financial, Inc., announced the launch of its Prudential Defined Income variable annuity and the Prudential Highest Daily Lifetime Income v2.1.

Prudential Defined Income is a long-term product that allows investors to know exactly where their guaranteed lifetime income will be, now and in the future. The product is available to investors as young as 45 and it invests 100 percent of the premiums in the AST Long Duration Bond Portfolio where returns accumulate on a tax deferred basis. The product offers guaranteed lifetime income growth; defined lifetime income; flexibility control and a bond portfolio.

Prudential Annuities also announced two innovations that will replace their Highest Daily Lifetime Income v2.0 and their Spousal Highest Daily Lifetime Income v2.0 benefits. The Highest Daily Lifetime Income v2.1 and the Spousal Highest Daily Lifetime Income v2.1 rolled out today. The Highest Daily Lifetime Income benefits are available for an additional fee with a variable annuity from a Prudential issuing company. They are designed to lock in the highest daily value of their respective annuity contract, each day the market is open.

 

ING USA Annuity and Life Insurance Company (ING USA) has announced the launch of its ING Lifetime Income single premium deferred annuity.

The product has hybrid design and ability offers investors the ability to increase income payments the longer income is delayed while allowing access to the funds if need be (although that will result in reduced future income withdrawal amounts). The product, which is linked to changes in the S&P 500 Index also provides death benefit protection.

 

Forethought Financial Group, Inc., through its subsidiary, Forethought Life Insurance Company (Forethought), announced the launch of its ForeRetirement variable annuity with daily benefit options, available in B, C and L share classes.

The product marks the company’s foray into the variable annuity marketplace. The Hartford sold their individual annuity business to Forethought last year.

The ForeRetirement product features optional living benefits as well as a death benefit. The product’s optional Daily Lock Income Benefit secures withdrawals for retirees as a percentage if the benefit base which has the capacity to grow through investment performance. The product also offers a Legacy Lock death benefit option in order to provide beneficiaries with death benefit proceeds at least equal to the amount of premium invested.

 

Midland National Life Insurance Company announced the launch of their MNLIncomeVantageSM. The fixed index annuity offers a stacking roll up feature that strives to enhance income opportunity. The product also has a built-in Guaranteed Lifetime Withdrawal Benefit feature.

 

In other annuity-related news:

The New York Life Insurance Company announced that their Guaranteed Future Income Annuity exceeded $1 billion in premiums since its July 2011 introduction.