CHICAGO, July 18, 2016 /PRNewswire/ -- Bankers Life
and Casualty Company, a national life and health insurer, today
announced a new addition to its portfolio of annuity products,
Guaranteed Lifetime Income Annuity (GLIA).
GLIA is a single-premium fixed indexed annuity designed to
provide customers with a safe and reliable retirement savings
solution that can help accumulate savings, and provide the
opportunity to select a guaranteed income stream. With this annuity
product, customers may opt to receive a guaranteed, predictable
income stream for life without having to annuitize their
policy.
"With the increase in average life expectancy, our customers'
concerns about outliving their income are very real," said
Scott Goldberg, president of Bankers
Life. "Our new annuity will help ease their concerns about not only
whether they will have enough money for the rest of their life, but
how much they can expect. Our product offers a simple design that
provides purchasers with control, flexibility and the potential for
growth, for the entire life of their retirement."
The benefits of GLIA include:
- Principal safety and growth potential – offers
the simplicity of a traditional fixed annuity combined with the
opportunity to earn interest linked in part to an external market
index, all while protecting the annuity's principal against
downside market risk.
- Guaranteed lifetime income option – offers
predictable, dependable income payments for life and customers can
know exactly how much yearly income they will receive for as long
as they live.
- Flexibility and control of money – offers the
ability to stop and restart lifetime income payments as customers'
needs change, and provides the option to access annuity funds in
times of financial uncertainty.
With GLIA, customers can elect the Lifetime Income Withdrawal
benefit to begin receiving payments that may continue even if the
account value is depleted by the Lifetime Income Withdrawals.
Customers who are at least 60 years old can elect this benefit
after they have had the annuity for at least one year.
The Guaranteed Lifetime Income Annuity benefit is currently
available through Bankers Life insurance agents in eight states:
Indiana, Iowa, Michigan, North
Carolina, Ohio,
Pennsylvania, Texas, and Washington, with availability in other states
pending. Policy benefits may vary by state.
About Bankers Life
Bankers Life focuses on the
insurance needs of middle-income Americans who are near or in
retirement. The Bankers Life brand is a part of CNO Financial
Group, Inc. (NYSE: CNO), whose companies provide insurance
solutions that help protect the health and retirement needs of
working Americans and retirees. There are more than 5,000 Bankers
Life insurance agents at over 300 offices across the country. To
learn more, visit BankersLife.com.
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SOURCE Bankers Life and Casualty Company