An arm of Nationwide Mutual Insurance Company is courting fee-based advisors with a variable annuity that comes with a lifetime income benefit.
Nationwide Advisory Solutions has introduced the Nationwide Advisory Retirement Income Annuity (NARIA) contract.
The contract gives purchasers access to about 130 funds in 25 fund families.
One optional feature, the NARIA Retirement Income Developer benefit, can add a lifetime withdrawal benefit. If the investments inside an annuity holder’s contract do well, a step-up provision can increase the withdrawal benefit amount.
Nationwide Advisory Solutions introduced another contract aimed at RIAs and fee-based advisors, a single-premium immediate annuity, in October 2018. That annuity, the Nationwide Advisory Income contract, can convert a large, one-time payment into a steady stream of income.