OneAmerica announced the launch of American United Life Insurance Company’s Secure Income Stream Annuity. The new product is a flexible, deferred income annuity designed to provide consumers with a guaranteed income for their lifetime.
OneAmerica states that guaranteed income from Secure Income Stream is possible because payments into the contract are reserved to address long-term income goals. Building future income starts with an initial payment of $5,000, with an option to make additional payments of at least $1,000 until 60 days prior to the income start date. The only distributions are income payments, which can start as early as 13 months after the contract date, or may be distributed to loved ones at the annuitant’s death.
This new annuity also offers the ability to customize a guaranteed income strategy. Consumers can select from a variety of income options and choose how often income payments are disbursed (monthly, quarterly or annually) among other features.
“Consumers are in various stages and have different goals when preparing for retirement,” said Patrick M. Foley, president, Individual Life & Financial Services for the OneAmerica companies. ”Some may not have an employer-sponsored pension while others may need to rebuild their income or protect against outliving their money. With Secure Income Stream, our financial professionals can help consumers put an income strategy in motion and address their retirement goals with confidence.”
Prudential Retirement Insurance and Annuity Company (Prudential Retirement) announced today that they’ve been selected by Bergmann Associates to provide full servicing for its nearly $33 million, 330-participant retirement plan and by LiveOps for its nearly $13 million retirement plan. Prudential Retirement is a business unit of Prudential Financial Inc.