INCOME Promise Select is a product that would enable advisors to offer their clients cash refunds for beneficiaries, liquidity, highly competitive pay out rates, and cost of living adjustment.
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The product would especially of use for the baby boomers who witness volatility in stock market during retirement and would want to adjust for the unexpected financial needs that may arise.
INCOME Promise Select enhances features of the previously existing INCOME PromiseSM fixed immediate annuity product.
The features of INCOME Promise Select include lump sum cash refunds for beneficiaries of clients who do not outlive their principal investment, liquidity options that allow clients to make lump sum withdrawals in the event of emergency or the need for extra cash, highly competitive payout rates, cost of living adjustment option and a quote and illustration tool.
Commenting on the launch, Eric Henderson, senior vice president of Individual Products & Solutions for Nationwide Financial said "Income Promise Select helps advisors offer their client’s income guarantees while still providing them with the flexibility to adjust their strategy as life’s circumstances change."
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By GlobalDataThe new product will also offer advisors an income solution that can be customized to create a guaranteed income stream based on the individual needs of their clients.
