Nationwide is testing a web-based retirement savings product sales program in Arizona.
The program, Guaranteed Retirement Income from Nationwide, will offer fixed annuities to Arizona residents ages 35 to 70.
The purchasers can contribute $120 to $12,000 per year for 15 years, or until they turn 65, whichever is longer. The purchasers can also choose between making the payments on a monthly, quarterly or annual schedule, and they can increase or decrease their contributions at any time, Nationwide says.
— (Related on ThinkAdvisor: Lincoln Financial Rolls Out ETF-Only Variable Annuity: Portfolio Products)
The Columbus, Ohio-based company hopes to make up for the purchasers’ lack of face-to-face access to advisors by offering the users access to an online calculator. The purchasers can use the calculator to calculate how much they will receive in future annuity income.
If the program works well in Arizona, Nationwide plans to make the program available in the rest of the United States, the company says.
Principal Adds Variable Annuity Options
Principal Financial Group added two variable annuity products: the Principal Lifetime Income Solutions II Variable Annuity contract and the Principal Pivot Series Variable Annuity contract.
The lifetime income contract is aimed at consumers who want to choose a guaranteed level of income. The Pivot Series contract is aimed at consumers who want to have extra flexibility and a menu of 85 different investment options.