Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
HOUSTON--(BUSINESS WIRE)--American International Group, Inc. (NYSE: AIG) announced today that American General Life Insurance Company (AGL) has partnered with Market Synergy Group to offer enhanced index annuity solutions. These index annuities, developed exclusively for Market Synergy Group and issued by AGL, provide individuals with a powerful combination of principal protection and growth potential, plus the opportunity for guaranteed rising income.
Market Synergy Group represents nine independent marketing organizations (IMOs) with over $8 billion of index annuity sales annually.
“Market Synergy Group brings the support and services of some of the top annuity IMOs in the country,” said Rob Scheinerman, Executive Vice President, Individual and Group Retirement, AIG Life and Retirement. “Lance Sparks and his team at Market Synergy Group bring tremendous marketing resources and expertise to the table, and I’m confident that through this partnership, we will reach many of the best independent producers in the country.”
“We are very excited to be partnering with AIG, one of the world’s largest insurance organizations,” said Lance Sparks, President, Market Synergy Group. “We are confident AIG will be a dominant player in the index annuity space and look forward to working with the company.”
“We’ve worked closely with Market Synergy Group to develop a suite of index annuities that help address some of the key retirement challenges facing Americans today,” Scheinerman added.
The new Power Select Plus Income Index Annuity can provide lifetime income that is guaranteed to rise for up to 10 contract years, even after withdrawals begin. Through the enhanced Lifetime Income Plus living benefit rider, which is automatically included for a 1.10% annual fee, individuals can receive a partial income credit during the first 10 contract years to help provide them with more future retirement income, as long as withdrawals are taken in accordance with the rider’s terms. Individuals also have the opportunity to double their retirement income potential, when no withdrawals are taken before the 10th contract anniversary. Guarantees are backed by the claims-paying ability of American General Life Insurance Company.
“While we’ve seen tremendous growth in the index annuity market, we believe our enhanced products and our partnership with Market Synergy Group will help us grow our market share,” said Scheinerman. “We are fully committed to expanding our presence in the index annuity space as part of our mission to be the premier provider of protection, investment, and income solutions needed for financial and retirement security.”