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American Equity Investment Life Insurance Company has introduced an indexed annuity that’s filed as a non-variable product.

The West Des Moines, Iowa-based life insurer says the new Destinations annuity will feature multiple contract value allocation options, including two options based on a new index that American Equity developed with help from an arm of Bank of America.

(Related: Symetra Adds Indexed Annuity: Annuity Update)

The index is the BofA Destinations Index, and the new American Equity annuity is the only product using the index, American Equity says.

The developers of the new index have tried to create an index that will help annuity holders share in market gains while holding down volatility, according to American Equity.

The index combines exposure to U.S. stocks, U.S. Treasuries and the Gold Index.

The annuity contract will have a term of 10 years.

In other annuity news

Simon Markets LLC, New York, and an affiliate, Simon Annuities and Insurance Services LLC, say they’ll be using the AnnuityNet order system from Ebix Inc.

Global Atlantic Financial Group, Hamilton, Bermuda, has agreed to use an investment index developed by Janus Henderson Investors and Société Générale, the Janus SG Global Trends Index, in Global Atlantic’s first non-variable indexed annuity contract.

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