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.
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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.