American General Life Companies (American General) has introduced Future Income Achiever Annuity to provide a guaranteed income stream for the clients' lifespan.
In addition to offering three death benefit options, the delayed-income annuity provides a medical underwriting option to further remove the uncertainty from retirement planning.
Fixed Annuities president Bruce Abrams said that the product has been designed to ensure that clients don't outlive their income, while providing options for secure, long-term financial planning.
Once the client selects an income start date more than 12 months and up to 40 years in the future, the Future Income Achiever Annuity provides fixed guaranteed payments that can continue for the rest of their life.
Designed to offer single premium deferred income annuity (SPDIA), the product may be used by non-qualified plans, IRAs and accounts under 401(a), 401(k), 403(b), 457(b) plans, including Roth accounts.
American General Life Insurance Company (AGL) will issue the annuity in 49 states.
