One sign that the U.S. individual annuity market is heating up is an increase in product announcement activity.
(Related: Products: Annuity Group Unveils Retirement Readiness Benchmarking Tool)
Major issuers have put out at least three widely distributed press releases about new annuity products, annuity programs or annuity contract features in the last week.
Here’s a look at what our nets brought in.
1. The Impact Partnership and Lincoln Financial Group
The Impact Partnership — a Kennesaw, Georgia-based financial services marketing agency — is starting to distribute the Lincoln Impact Advantage Plus contract through a network of 105 agents and advisors.
Impact developed the contract together with Lincoln Financial Group.
The contract is an indexed annuity that’s filed as a fixed product. The contract offers a 6% bonus for premiums added within the first four years.
Purchasers can buy a lifetime withdrawal benefit, the Lincoln Lifetime Income Edge 2.0 benefit. The lifetime withdrawal benefit can pay extra benefits to purchasers who end up using nursing home care.
2. American International Group Inc.
AIG’s AIG Life & Retirement division has updated its Power Series of Index Annuities contracts.
The company is adding investment index options to the annuities and adding two optional income riders.
The index menu changes will give contract holders access to the Russell 2000 index, which includes many small and midsize U.S. companies, and the MSCI EAFE international stock index. The index menu already included the S&P 500, PIMCO Global Optima and ML Strategic Balanced index options.