DES MOINES, Iowa, July 27, 2015 /PRNewswire/ -- Fidelity & Guaranty Life, a leading provider of fixed indexed annuities (FIA) and fixed indexed universal life products, today announced the launch of FG Retirement Pro, an innovative annuity offering that is designed to provide income payments for retirees.
The company designed this unique product to offer protection in retirement by potentially growing the benefit base through indexed interest credits, rather than the account value. The account value then grows by an annually declared fixed interest rate. This Guaranteed Minimum Withdrawal Benefit (GMWB) feature has no explicit fee. FG Retirement Pro offers a vesting premium bonus and a range of the most popular indexed interest crediting options on the benefit base.
Brian Grigg, Vice President of Annuity Distribution at FGL said, "The design of FG Retirement Pro puts strong indexing opportunity into the income feature. Its innovation lies in its income potential. Any agent who has sold indexed annuities clearly understands the upside potential of index credits tied to a well-known index, such as the S&P 500®. FG Retirement Pro takes it to the next level and builds a benefit base on indexing. And, the caps have the potential to be very strong."
He added, "The competitive arena for FIAs for many years now has been with income. Early versions provided a fixed roll-up rate as a way to grow a benefit base. FG Retirement Pro combines the fixed rate with the potential of a higher overall roll-up rate through indexed interest credits to the benefit base."
Mr. Grigg continued, "We're excited to be adding another annuity to our product portfolio. At FGL, we currently offer three distinct approaches to building a benefit base to determine lifetime income with our existing product portfolio. Now with FG Retirement Pro, we're offering a product that emphasizes the performance of index crediting. It's simple for agents to explain our products and allow the client to pick what is comfortable for them."
FG Retirement Pro is available for sale immediately.
About Fidelity & Guaranty Life
Fidelity & Guaranty Life, an insurance holding company, helps middle-income Americans prepare for retirement. Through its subsidiaries, the company offers fixed annuity and life insurance products distributed by independent agents through an established network of independent marketing organizations. Fidelity & Guaranty Life, headquartered in Des Moines, Iowa, trades on the New York Stock Exchange under the ticker symbol FGL. For more information, please visit www.fglife.com.
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Fidelity & Guaranty Life is the marketing name for Fidelity & Guaranty Life Insurance Company issuing insurance in the United States outside of New York. Annuities issued by Fidelity & Guaranty Life Insurance Company, Des Moines, IA
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