CHICAGO/PRNewswire/ -- Bankers Life announced its new Guaranteed Lifetime Income Annuity Plus with Enhanced Benefit (GLIA Plus). The new product is a single-premium fixed indexed annuity with an enhanced benefit that helps consumers access their money for healthcare expenses in the event of a care-related need.
GLIA Plus offers consumers the opportunity to accumulate tax-deferred savings for retirement and create a stable, flexible retirement income solution that can guarantee income payments for life through lifetime income withdrawals. The annuity also offers clients the option to temporarily increase the income withdrawals for up to two years in the event of a qualified health crisis to help cover care-related or other expenses.
"According to a recent Center for a Secure Retirement study, nearly eight in 10 (79%) middle-income Boomers have no money set aside specifically for their long-term care needs," said Scott Goldberg, president of the consumer division at CNO Financial Group. "Helping our consumers protect their retirement savings and grow their nest egg is a top priority for us. Adding GLIA Plus to our portfolio is another tool to help our customers prepare for both their future income and healthcare needs."
GLIA Plus product design details:
Principal safety and growth potential – offers the simplicity of a traditional fixed annuity combined with the opportunity to earn interest linked in part to an external market index, all while protecting the annuity's principal against downside market risk.
Guaranteed lifetime income option – offers predictable, dependable income payments for life and customers can know exactly how much yearly income they will receive for as long as they live.
Flexibility and control of money – offers the ability to stop and restart lifetime income withdrawals as customers' needs change and provides the option to access annuity funds in times of financial uncertainty.
Enhanced benefit – offers the option to receive a temporary increase to the income withdrawals if eligibility conditions are met, which include being certified by a licensed health care professional as being unable to perform two or more Activities of Daily Living (ADLs) or as having a severe cognitive impairment.
GLIA Plus complements Bankers Life current fixed indexed annuity products, including the Security Builder® Indexed Annuity, the Premium Bonus Indexed Annuity (PBIA), the Guaranteed Lifetime Income Annuity (GLIA) and the GrowthPoint® Indexed Annuity. Bankers Life also offers various insurance and retirement solutions including Medicare Supplement insurance, life insurance, long-term care insurance and supplemental health insurance, as well as investment solutions offered through Bankers Life Securities, Inc. and Bankers Life Advisory Services, Inc.
GLIA Plus is available in 48 states, excluding California and New York, through Bankers Life exclusive insurance agents. Payout may be subject to withdrawal charges, which can vary by state. GLIA Plus is not long-term care insurance. To learn more about this and other products offered by Bankers Life, visit BankersLife.com.