StanCorp Financial Group Inc. has kicked off 2021 by unveiling the “first of several new annuity products launching this year.”
The first contract to reach the market is the Multi-Choice Annuity MCA contract, a single-premium deferred annuity contract.
The product is a multi-year guaranteed annuity (MYGA) contract.
A purchaser can also choose to have the contract rate guarantee last for three years, five years or seven years.
The Standard is offering four different provisions purchasers can use to get cash out of the contract. A purchaser can choose no optional withdrawals provisions, an interest-only withdrawal provision, a 10% annual withdrawals provision, or 10% annual withdrawals with guarantee of principal.
The Standard is a Portland, Oregon-based arm of Meiji Yasuda Life Insurance Co. of Tokyo.
In other annuity news:
New York Life Insurance Co. has introduced the IndexFlex variable annuity contract.
The contract offers purchases both index-linked and about a dozen variable investment options.
The index-linked options come with access to guarantees for the duration of the surrender charge period, according to New York Life.
New York Life says it will sell the contract through banks and broker-dealers as well as through its own agents.
Protective Life Corp., of Birmingham, Alabama, is selling two new variable annuities through Charles Schwab. The annuities are the Schwab Genesis Variable Annuity and the Schwab Genesis Advisory Variable Annuity.