Aviva USA (Aviva), a unit of Aviva plc, announced their new Target Benefit series of annuities this week.
The series of annuities are designed to offer consumers both simplicity and flexibility, two qualities that are often elusive in the annuity market.
Aviva concluded that many consumers were yearning for a level of certainty in their retirement vehicles after the market volatility of the last few years.
The Target Benefit series offers an array of options to meet various retirement needs from wealth accumulation to guaranteed lifetime income.
Aviva touts the product as groundbreaking because it offers a statement of benefits (the first of its kind for the annuity industry) where a simple explanation of the monthly dollar amount the customer will receive when they start drawing guaranteed lifetime income, no matter how the market fluctuates.
The Target Benefit series also offers two optional income riders that allow increased flexibility for customers to decide at what age they want to begin receiving their income. Customers are also able to choose either a fixed lifetime income benefit or a lower guarantee with the opportunity to participate in more market index upside.
Contracts, which are available with either 10- or 15-year withdrawal charge periods, are the simplest Aviva has issued. The amount of the guaranteed lifetime income is based only on the amount of premium, the customer’s age and the amount of time they want to wait before they begin lifetime income benefits. There are no separate income account value or withdrawal percentages to calculate.
The Target Benefit series also offers protection against inflation by offering a level income option or an inflation-adjusted income option.
National Life Group selected iGO e App to automate the marketing, processing and selling of their life and annuity products. The completion of applications for products electronically will be rapidly expanding in the near future as carriers strive to cut costs. iPipeline offers a suite of sales distribution products to carriers in the financial services markets through an on-demand service.
Securian Financial Group (Securian) promoted four employees to second vice president, voted on by the board of directors.
- Julie Gerend will serve as second vice president, Asset Management Business Development;
- Suzette Huovinen was appointed second vice president and actuary, Corporate Actuarial;
- Ted Nistler was promoted to second vice president, Corporate Tax department;
- Mark Sievers was appointed to second vice president, Auditng.
ING U.S. has launched a new advertising campaign to help push Americans to adequately save for retirement. The Orange Money Campaign will see ING U.S. utilize its brand color through a series of three commercials set to air on March 14 that delineate between regular, “green” money and “orange” money that should be set aside to save for an adequate retirement fund.