Investors Heritage Life Insurance Company — a life insurer that was recently acquired by Aquarian Investors Heritage Holding LLC — today introduced the Heritage Builder Annuity contract.
The new product is a single-premium deferred, multi-year guaranteed annuity (MYGA).
The product is the first the company has launched since it was acquired by Aquarian.
(Related: Investors Heritage Chooses SOX Software)
Rudy Sahay, the managing partner at Aquarian, said in a statement that the new MYGA contract is just the first of many new products that Investors Heritage will be introducing.
Investors Heritage is offering versions of the MYGA with three-year, five-year and seven-year initial interest rate guarantee periods.
The issue age range is 0 to 90 years.
One feature, which is available only for issue ages 0 to 80, lets the holder withdraw up to 50% of account value one year after the effective date.
The usual investment amount ranges from $25,000 to $1 million for the three-year version and $10,000 to $1 million for the other versions. Purchasers may be able to invest more than $1 million with home office approval.
Wink Inc. reported earlier this week that MYGA contracts have been selling well: Sales in the second quarter were 27% higher than in the second quarter of 2017, and sales in the third quarter were up 63%.