Vantis Life Insurance Company has introduced two fixed annuities aimed at the direct purchase market.
The new products are the TaxSaver Freedom ROP annuity and the TaxSaver Freedom MVA annuity.
The ROP contract includes a return-of-premium feature, according to Vantis Life.
Purchasers can use the ROP feature to get their deposits back at any time, without a withdrawal penalty, the Windsor, Connecticut-based company says.
Purchasers of the other contract can lock in a somewhat higher interest rate for the entire annuity contract term. The downside is that, if interest rates fall, and the purchaser takes cash out early, the market value adjustment feature could reduce the value of the contract.
Vantis Life is a subsidiary of the Penn Mutual Life Insurance Company.
In other annuity product news:
Nationwide Advisory Solutions, a Louisville, Kentucky-based arm of Nationwide Mutual Insurance Company, has introduced a new lifetime income rider designed for registered investment advisors and fee-based advisors.
Nationwide says it will now offer the Nationwide Lifetime Income Rider Advisory living benefit along with its Nationwide Advisory Retirement Income Annuity product.
The optional rider can provide 7% simple interest on a client’s annuity contract income base every year while the contract is still accumulating value, according to Nationwide.
Nationwide says it considered the new Internal Revenue Service letter ruling on fee-based annuity advisor compensation when it designed the new rider.