Eagle Life Insurance Company, a subsidiary of American Equity Investment Life Insurance, has rolled out a new income-focused fixed index annuity product.
Dubbed the Eagle Select Income Focus, the annuity has been created to cater to people looking to achieve growth and steady income flow without putting the principal at risk, the company said.
Commenting on the launch of the new annuity, Eagle Life chief distribution officer Kirby Wood said: “We’re excited to offer a new product that is easy to understand and helps provide guaranteed lifetime income.
“People work hard to build their retirement nest egg, and we look forward to helping them with their financial security concerns.”
The Eagle Select Income Focus provides a lifetime income benefit rider along with wellbeing benefit option for which the investor will not have to pay any fees.
This Wellbeing Benefit option is not limited, and clients can increase their income payments for up to five years provided they could not carry out two out of six activities of daily living.
“The product also offers flexible premiums that don’t extend the surrender period, a seven-year surrender charge schedule and 10% penalty-free withdrawals from contract value starting in year two,” the company said in its press statement.
Eagle Life president Ron Grensteiner stated: “Retirement goals differ from person to person, and we strive to meet everyone’s individual needs.”