Ohio National Launches Innovative Roll Up Feature
June 13, 2017 by Cyril Tuohy
Ohio National has launched a new twist on the fixed indexed annuity (FIA) guaranteed living withdrawal benefit (GLWB) rider: a roll up that keeps on rolling.
Unlike many GLWBs where income doesn’t necessarily increase once contract holders agree to begin withdrawals, Ohio National’s ONdex Income Accelerator GLWB is guaranteed to increase by a least 3 percent a year.
The crux of the rider is that the interest credited is an amount multiplied by three, or an amount to which is added 3 percent of the contract value, whichever is greater.
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Sales rose 10 percent to a record $58 billion in 2016 over 2015, according to industry tracker Wink’s Market & Sales Report.
In the first quarter, however, FIA sales dropped 14 percent to $12.9 billion compared with the year-ago period, Wink’s reported.