Sentinel Security Life Insurance has introduced a new fixed indexed annuity product, Summit Bonus Index, intended to meet the growing retirement needs of US customers.
Developed as a long-term investment vehicle with lifetime income rider, the new fixed indexed annuity provides principal protection and is available in Florida and Utah, US.
The Summit Bonus Index also offers interest-crediting strategies, tax deferral and the opportunity to receive a consistent stream of income for life.
The new product will also provide an optional Income Rider with competitive guaranteed payout rates.
When combined with Summit Bonus Index, the Income Rider will generate an investment strategy that can guarantee annual income throughout retirement.
Sentinel Security Life vice president and chief financial officer Dan Acker said that the Summit Bonus Index provides traditional fixed annuity benefits including guaranteed minimum interest, death benefits, access to funds in the event of unforeseen circumstances, and tax-deferred earnings.
Designed with two phases including accumulation phase and income phase for retirees, the Summit Bonus Index also offers an exceptional value in a fixed indexed annuity with favourable returns as an investment vehicle.
In the first phase, the retiree can earn on their investment and tax-deferred, whereas retirees can select from several settlement options or a consistent stream of income if the Income Rider is selected in the second phase.