New FIA Offers Enhanced Penalty-Free Withdrawal Feature

WEST DES MOINES, Iowa, Nov. 06, 2018 (GLOBE NEWSWIRE) --  The Strategic Design Annuity^SM X (SDA X), fixed index annuity from North American Company for Life and Health Insurance^® (North American) is being introduced to offer the flexibility needed to help meet the challenges of retirement income planning.

“SDA X is designed to be as dynamic as life itself,” said Rhonda Elming, North American’s senior vice president of annuity product development. “It’ll help you adapt to the unexpected twists and turns of retirement income planning.”

SDA X is the industry’s first fixed index annuity to offer an enhanced penalty free withdrawal feature through the embedded benefits rider¹, which increases up to 32 percent². The SDA X penalty free withdrawal amount is based on the customer’s deposit, making the withdrawal amounts predictable each year even after withdrawals are started. Additionally, SDA X boasts a strong guaranteed lifetime withdrawal benefit value that increases at 200% of the interest credited.

Another key feature of SDA X is the ability to choose which type of lifetime income payment is needed. As clients turn on their guaranteed lifetime income payments³, they can opt for either a level lifetime payment or an increasing lifetime payment.

In times of market corrections, SDA X provides much needed interest to help balance clients’ overall retirement income plans. The Inverse Edge Trigger crediting strategy⁴ affords clients’ positive interest credits when the S&P 500 index is flat or loses value, providing a unique diversification option. The bigger the loss, the bigger the potential interest credit. According to Chris Conroy, North American’s head of annuity sales, "It’s just one more of the features that led the company to call SDA X the industry X-factor.”

“SDA X is another innovation from North American designed to help meet retirees where they are in life. As a retirement income planning tool, SDA X is designed to offer the needed flexibility and liquidity to meet planning challenges,” Conroy said.

SDA X is now available nationally in 42 states.