Great American Life is working with Raymond James to introduce the Index Summit 6 indexed annuity contract.
Great-American has filed the product with the U.S. Securities and Exchange Commission as a variable annuity.
Related: Great American Adds Indexed Annuities)
Great American and Raymond James plan to distribute the new annuity through banks and other financial institutions as well as through independent broker-dealers.
Great American is promising to absorb up to 50% of the original contract value losses, while allowing annuity holders to take gains equal to up to 120% of the original contract value.
The product investment option menu includes S&P 500 index, the iShares U.S. Real Estate exchange-traded mutual fund, and the iShares MSCI EAFE exchange-traded fund.
The contract offers an early withdrawal charge schedule that ends after six years.
In 2017, Great American Life added an indexed annuity that would absorb up to 10% of the annuity holder’s losses during the first contract term.
Great American is part of American Financial Group Inc.
— Read Great-American Adds Variable Indexed Annuity, on ThinkAdvisor.