Bankers Life — a arm of CNO Financial Group — has introduced the Security Builder Indexed Annuity contract.
The product is the fourth indexed annuity Bankers Life has introduced.
(Related: American Equity Adds Indexed Annuity: Annuity Moves)
The holder of the contract can link the crediting rate to the performance of the S&P 500 stock index.
The new product is available in 49 states, through Bankers Life exclusive agents, with issue ages from 18 through 85 for annuities going into retirement arrangements and from 0 through 85 for other annuities.
Bankers Life also sells the Guaranteed Lifetime Income Annuity contract, the Premium Bonus Indexed Annuity contract, and the GrowthPoint Indexed Annuity contract.
In other annuity market news, Nassau Financial Group, Hartford, Connecticut, has introduced the Simple Annuity app, for iPhones.
Consumers can use the app to compare and track rates for savings products from different companies and take online savings courses.
Consumers can also use the app to buy the Nassau Simple Annuity, a single-premium multi-year guaranteed annuity (MYGA) contract.
A consumer can complete the purchase through the app, by answering several questions and taking and submitting a picture of a driver’s license.
A consumer can use the app to a buy a MYGA contract without help, or can use the app with support from an insurance producer.
Nassau is developing a similar app for Android devices.
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