Great American Launches New Death Benefit Rider to Complete Rider Portfolio
May 5, 2015 by Business Wire
CINCINNATI–(BUSINESS WIRE)–Great American has expanded its product offerings to include an optional death benefit rider with its newest fixed-indexed annuity, the American Custom 10SM.
The Legacy Income OptionSM rider, offering consumers the ability to receive income while preserving their legacy, is now exclusively available with the American Custom 10. The annuity product is designed to help consumers protect their retirement assets while providing the opportunity for increased accumulation. Consumers have the flexibility to select from multiple interest crediting strategies to fit their needs, including the S&P 500® point-to-point indexed strategy with a participation rate that offers uncapped earning potential.
Additional riders are available with the American Custom 10 and offer a range of benefits to address the needs of people in or near retirement. Other riders include the Cumulative-Free Withdrawal Option for added liquidity, the Simple Income OptionSM for fixed lifetime income and the Stacked Income OptionSM for lifetime income with the opportunity for income increases.
According to Joe Maringer, National Sales Vice President of Great American Life®, the new rider rounds out the product line and provides a simple solution for consumers, regardless their stage of life.
“When it comes to money, most people want to do three things: save it, spend it, or leave a legacy,” Maringer says. “The American Custom 10 offers uncapped earning potential for those who want to save more for retirement; lifetime income and free-withdrawal riders for consumers who want to spend during retirement; and with the Legacy Income Option, we now offer an enhanced death benefit rider for clients who want to leave a legacy after retirement.”
The American Custom 10 is issued by Great American Life and is the newest addition to its portfolio of fixed and fixed-indexed annuities, and lifetime income and enhanced death benefit riders. To learn more visit www.GAannuity.com.
Great American Life Insurance Company is a member of Great American Insurance Group® and rated “A+” by Standard & Poor’s and “A” (Excellent) by A.M. Best Co. for financial strength and operating performance.
In the S&P 500 point-to-point with participation rate indexed strategy, the participation rate limits the indexed interest rate to a percentage of the change in the S&P 500 index, but the indexed interest rate is not capped at a maximum percentage. In the Stacked Income Option, the benefit base amount, on which rider income payments are based, is increased by interest credited to the account value, which may include indexed interest determined in part by changes in a market index or a fund unit value. Consumers may select only one optional rider for the American Custom 10 annuity. There is an annual charge for each optional rider. All guarantees are based on the claims-paying ability of the issuing company.
S&P rating affirmed December 19, 2014. “A+” is fifth highest of 21 categories. A.M. Best rating affirmed March 20, 2015. “A” (Excellent) is third highest out of 16 categories.
The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by Great American Life. Standard & Poor’s®, S&P®, S&P 500®, SPDR®and STANDARD & POOR’S DEPOSITORY RECEIPTS®are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Great American Life Insurance Company. Great American Life’s American Custom 10SM is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.
About Great American Insurance Group
The annuity operations of Great American Insurance Group (GAIG) offer retirement solutions through the sale of traditional fixed and fixed-indexed annuities in the retail, financial institution and education markets. Annuity subsidiaries include Great American Life Insurance Company and Annuity Investors Life Insurance Company®. GAIG’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. The members of GAIG are subsidiaries of American Financial Group, Inc. (AFG) AFG’s common stock is listed and traded on the New York Stock Exchange under the symbol AFG. Learn more at www.GAIG.com.
Contacts
Great American Insurance Group – Annuities
Donna Carrelli, 513-412-1518
AVP, Marketing Services
dcarrelli@gaig.com
