AIG offers fixed-rate annuity with an income rider
December 23, 2016 by Editorial Staff
American International Group, which sold $13.6 billion worth of annuities in the first three quarters of 2016—second to Jackson National’s $14 billion—has introduced a new seven-year fixed annuity with a lifetime income rider.
Issued by American General Life Insurance Company, Assured Edge Income Builder is available in over 20 banks and broker-dealers with “broadening of the distribution” in coming weeks, AIG announced this week.
Sellers of fixed-rate annuities, unlike sellers of variable or indexed annuities, do not have to satisfy the Best Interest Contract requirement of the new Department of Labor conflict-of-interest rule, which is set to go into effect next April unless it is frozen or unwound by the incoming Trump administration.
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