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January 25, 2021 at 11:26 PM
Nationwide is joining with AmeriLife Group LLC to introduce an indexed annuity.
Nationwide has filed the new Nationwide Peak 10 product as a non-variable indexed annuity.
(Related: The Standard Adds MYGA Contract: Annuity Moves)
The Columbus, Ohio-based company is issuing the new contracts through Nationwide Life and Annuity Insurance Company.
The contract comes with a choice of four index choices, including the new J.P. Morgan Cycle Index, the new AllianceBernstein Growth and Value Balanced Index, the S&P 500 Price Index and the S&P 500 Daily Risk Control Index.
Purchasers can choose between two lifetime income guarantee features. The standard feature is the Guaranteed Income Solution feature, which offers a guaranteed 4% simple interest roll-up rate on the investor’s original income benefit base each year for the first 10 years, or until the first withdrawal, whichever comes first, according to Nationwide.
Purchasers can pay extra for a Bonus Income+ rider. The rider provides a 10% bonus credit included on the investor’s income benefit base, calculated on total premium. The rider also offers a 7% simple interest roll-up rate on the income benefit base for the first 10 years, or until the first lifetime withdrawal, whichever comes first, according to Nationwide.
Consumers who pay for the Bonus Income+ rider can get a joint-income option for spouses.
Purchasers also can buy a long-term care rider and a rider that provides extra benefits for annuitants who suffer from a terminal illness or injury.
Consumers can withdraw up to 10% of the contract value with no surrender charges or market-value adjustment.
AmeriLife is a Clearwater, Florida-based life and annuity marketing organization.
Nationwide says it will distribute the new annuity exclusively through AmeriLife’s national distribution network that includes about 200,000 insurance agents and advisors, about 35 marketing organizations, and about 50 insurance agency locations.
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