At a time when many insurers have written off variable annuities due to increased cost, dwindling benefits, and declining sales, Sammons Retirement Solutions®, a division of Sammons Institutional Group, Inc., remains bullish.
So much so, the company recently reconfigured their LiveWell Variable Annuity (VA) with more legacy planning choices and lower fee options than ever. LiveWell VA is issued by Midland National, a member company of Sammons Financial Group.
“It is important to us to update our variable annuity products to provide consumers with ultimate flexibility, while also keeping it easy to understand,” said Melissa Scheuerman, vice president and head of sales and business development with Sammons Institutional Group (SIG).
Over the past few years, more companies have been getting out of the variable annuity business. As investors age, it can become increasingly difficult to find an affordable solution for accumulation, tax-deferral, and legacy planning.
In response, Sammons Retirement Solutions is making available three death benefit options on its LiveWell VA.
- For those looking for the lower fees, the Account Value Death Benefit offers a highly competitive cost structure.
- The return of premium death benefit offers competitive fees and is issued to age 90.
- The Enhanced Death Benefit is issued to age 80 and allows clients to lock in any investment gains annually through age 85, and step up to a higher death benefit value, resulting in a larger legacy to leave behind.
With the LiveWell VA, financial professionals and their clients can select coverage in three easy steps.
- Choose a surrender charge period based on liquidity needs
- A death benefit based on legacy planning needs
- An investment option based on financial goals and risk profile
“Although more options exist than ever, choosing coverage can be simpler today than in the past. Our clients want choices, but not complexity,” said Scheuerman. “Our goal is to help clients meet their retirement needs, which often includes legacy planning. This affordable product also helps to protect the next generation despite the potential volatility of the marketplace.”
This article originally appeared on GlobeNewswire.
