Nationwide Financial introduced a new product to help advisors with clients who want an income guarantee with the flexibility to adjust for unexpected financial needs that may arise: INCOME Promise Select, which the company touts as an upgrade to its INCOME Promise fixed immediate annuity product.
According to Nationwide, INCOME Promise Select features 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 an emergency or need for extra cash; and highly competitive payout rates. Other features are a cost-of-living adjustment (COLA) option and a quote and illustration tool to help advisors demonstrate the benefits and features.
INCOME Promise Select can be customized to create a guaranteed income stream based on the individual needs of their clients, says Nationwide. Advisors can help clients customize their guaranteed income by choosing to create income for an individual or two people (joint annuitants), for a specific period of time or for their lifetime.
Nationwide adds that the liquidity feature provides consumers the confidence to annuitize assets, knowing they can still access their money if needed.
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