CINCINNATI – October 8, 2015 – Columbus Life Insurance Company today announced the introduction of Advantage, the company’s first single premium deferred fixed indexed annuity. This new product is available to agents and agencies that contract with Columbus Life’s nationwide network of independent producers.
Advantage offers both growth potential and access to income guarantees for retirement planning. Clients can allocate their funds between four allocation options, including three indexed interest options whose rates are based in part on positive changes—if any— in specified indexes. Interest rates can never be negative, even if the index goes down. Once it’s credited, interest can also never be lost due to index decline. Come retirement, Advantage may provide clients with an income stream that’s guaranteed to continue for a lifetime.
“Independent agents have told us that annuities with protection against market volatility are particularly appealing to their clients,” said J.J. Miller, president and CEO of Columbus Life Insurance Company. “Advantage is a new opportunity to offer such a product, and is designed with features that many independent insurance professionals will find valuable.”
One of the indexed interest options available in Advantage is linked in part to the GS Momentum Builder® Multi-Asset Class Index (GSMAC) from global investment bank Goldman Sachs. This index option was customized for companies that are members of the Western & Southern Financial Group, which includes Columbus Life. The GSMAC has a volatility control feature that can help minimize large swings in the index and limit exposure to market highs and lows. It currently offers clients competitive participation at the start, with no cap or spread on a three-year crediting option.
Advantage also offers a Guaranteed Minimum Account Value (GMAV) Benefit at the end of the withdrawal charge period, as well as an optional Guaranteed Lifetime Withdrawal Benefit (GLWB)1 that helps ensure access to lifetime retirement income. The GLWB guarantees payments for life, regardless of the account value, as long as withdrawals are limited to the annual lifetime payout amount. Plus, the lifetime payout amount cannot be exhausted by index decline or guaranteed withdrawals—making it a dependable income stream that clients cannot outlive.
All of these features allow Advantage to help advance retirement confidence with both growth potential and income guarantees in one insured vehicle.
“One of the smartest ways to protect and grow savings is to choose a financial solution that offers growth potential, protection and choice,” Miller said. “Advantage provides all three, and expands Columbus Life’s annuity offerings to include an attractive retirement solution for clients who are looking for both accumulation and potential income for life.”
Agents contracted with Columbus Life have access to Advantage, along with the company’s other top annuity and life insurance products. Columbus Life also offers extensive wholesaler support for its contracted professionals, along with dedicated, personal service from a highly-rated annuities provider. For more information about Advantage, or about becoming a Columbus Life-contracted agent, financial professionals can call 800.677.9696 or visit www.columbuslife.com.
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