New Product Pays Guaranteed Income On Managed Accounts

Do you have clients who want guaranteed income, but are reluctant to sign onto an annuity that pledges underlying assets to an insurance company? New hybrid products, known as “Stand Alone Living Benefits (SALBs)” combine an annuity with a managed investment portfolio. So a guaranteed lifetime withdrawal benefit may be extended to a fee-based advisors’ managed exchange traded funds and mutual fund portfolios.

“Fee-based advisors are warming up rapidly (to SALBs),” says Eric Henderson, national sales manager with Nationwide Financial, Columbus, Ohio. Phoenix Companies, Nationwide Financial, Allstate Life Insurance Co. and Genworth Financial, are among those insurers offering SALBs. Another six firms have similar products in registration, according to a report by Strategic Insight, a New York-based research firm...

Registered Rep: New Product Pays Guaranteed Income On Managed Accounts