Aquarian Helps Investors Heritage Expand Into Annuity Market

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.

The Product

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%.