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Security Benefit Adds to RateTrack Family

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Security Benefit has livened up a relatively quiet period for annuity product introductions by announcing an addition to its RateTrack line.

The Topeka, Kansas-based life insurer is launching the RateTrack Plus Annuity contract.

The contract is a floating-rate annuity that includes a 4% bonus on the purchase payment, along with an income benefit that guarantees income for life.

Security Benefit says it designed the product to appeal to clients, and advisors, who believe interest rates will rise.

(Related: 5 Big Questions About Annuities for 2018)

Security Benefit will calculate the interest rate for a contract by combining a fixed interest rate with a floating rate, the 3 Month ICE LIBOR USD rate.

Security Benefit says it will apply the crediting method both to the guaranteed annual roll-up to the benefit base and to the income benefit.

Security Benefit introduced an earlier product in the family, the Security Benefit RateTrack Annuity, in 2016.

The older annuity features the same interest crediting method. One key difference between the older annuity and the new annuity is the new contract’s income benefit provision, Security Benefit says.

—Read Your Kids Could Pay the Price for Poor LTC Planning on ThinkAdvisor.

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