INDIANAPOLIS--(BUSINESS WIRE)--Global Atlantic Financial Group has overhauled its entire suite of fixed index annuities, enhancing both income and death benefit options for those planning for retirement. Options offer guaranteed growth of benefits and are immune to market volatility.
“Our new annuity products offer benefits that support our continued focus on strategies to help customers save for and protect their lifestyle in retirement,” said Paula Nelson, President, Retirement, at Global Atlantic.
Earlier this month, a study published by the Social Science Research Network (“SSRN”) revealed that bankruptcies among those age 65 and older have tripled since 1991. Contributing factors include the shift of financial responsibility in retirement away from employers and the government, as well as the escalating cost of healthcare.
“Retirees want a protected source of income for retirement needs,” Nelson said. “Our income options are enhanced and offer the ability to build guaranteed lifetime income to, and through, retirement.”
Additional features available within the updated annuity suite include a feature that can create greater access to income if required for certain healthcare needs, as well as new death benefit features that create a more substantive legacy.
Global Atlantic’s approach, focusing on tailored retirement strategies and offering FIAs that do more to enhance them, has gained significant traction in the marketplace over the last year. LIMRA reports the company’s FIA sales rank rose five places from thirteenth at mid-year 2017 to eighth, as of June 30, 2018. The updated lineup seeks to build on this momentum.
Alongside the benefits, fixed index annuities offer interest crediting strategies linked to the performance of equity indices. The products now offer additional options and indices among the interest crediting strategies, covering more risk profiles and growth objectives.
These new fixed index annuities are offered though broker-dealers, banks and independent agents across the country. The products are issued by Forethought Life Insurance Company, a subsidiary. Benefit availability may vary by product, state and firm.
About Global Atlantic Financial Group
Global Atlantic Financial Group, through its subsidiaries, offers a broad range of retirement, life and reinsurance products designed to help our customers address financial challenges with confidence. A variety of options help Americans customize a strategy to fulfill their protection, accumulation, income, wealth transfer and end-of-life needs. In addition, Global Atlantic offers custom solutions and responsive service for the capital, risk and legacy-business management of life and annuity insurance companies.
Global Atlantic was founded at Goldman Sachs in 2004 and separated as an independent company in 2013. Its success is driven by a unique heritage that combines deep product and distribution knowledge with insightful investment and risk management capabilities, alongside a strong financial foundation.
Guarantees are based on the claims-paying ability of Forethought Life Insurance Company and assume compliance with the benefit rules, as applicable.
Fixed index annuities are issued by Forethought Life Insurance Company.
Global Atlantic Financial Group (Global Atlantic) is the marketing name for Global Atlantic Financial Group Limited and its subsidiaries, including Forethought Life Insurance Company and Accordia Life and Annuity Company. Each subsidiary is responsible for its own financial and contractual obligations.