RetireOne Works With Insurers to Launch Two Annuities: Annuity Moves

RetireOne — an arm of Aria Retirement Solutions — is working with Protective Life Corp. and Midland National Life Insurance Company to roll out two new, fee-based annuities.

The firm is teaming with Protective to introduce the Protective Investors Benefit Variable Annuity contract and also is teaming with Midland National to introduce the IndexMax ADV contract.

(Related: RetireOne Adds Fee-Based Pacific Life Annuities: Annuity Moves)

RetireOne is a San Francisco-based platform, or exchange, for commission-free insurance and annuity products. The platform has relationships with about 900 RIAs and fee-based advisors. Those financial professionals are using RetireOne to serve clients with about $1 billion in retirement savings and income investments, according to the firm.

Protective is a Birmingham, Alabama-based arm of Dai-ichi Life Holdings of Tokyo. Midland National is a West Des Moines, Iowa-based arm of Sammons Financial Group of West Des Moines, Iowa.

The new RetireOne-Protective variable annuity is a flexible-premium deferred variable annuity. The contract has a mortality and expense charge equal to 0.3% of the contract value.

The subaccount menu includes options from Vanguard and DFA, according to RetireOne and Protective.

Protective is issuing the contract in most of the country through Protective Life Insurance Company of Brentwood, Tennessee, and in New York state through Protective Life & Annuity Insurance Company of Birmingham, Alabama.

The new RetireOne-Midland National indexed annuity can offer annual performance credits and 5-year or 7-year term participation credits, according to RetireOne and Midland National.

The IndexMax ADV links crediting rates to the performance of the Fidelity Multifactor Yield Index 5% ER and the S&P 500 Low Volatility Daily Risk Control 5% Index ER.

The IndexMax ADV contract includes a waiver provision that lets the holder make a penalty-free withdrawal of the assets after the first contract year if the holder becomes confined in a nursing facility for 90 consecutive days.

In other annuity move news:

AIG Life & Retirement, New York, a division of American International Group, has introduced the Power Index Premier NY Index Annuity with Lifetime Income Builder.

The contract is the only indexed annuity available in New York state that offers purchasers access to a guaranteed living benefit (GLB) rider, according to AIG Life & Retirement.

The Lifetime Income Builder GLB rider will deliver lifetime income that is guaranteed to grow every year that income is deferred, by 0.15% per year, for up to 15 years, according to AIG Life & Retirement.

When the contract holder is ready to take out income, the GLB rider will pay out a lifetime stream of income, the company says.