ST. PAUL, Minn.--(Business Wire)--Securian Financial Group, one of the nation’s largest financial services providers, and Annexus, a leader in indexed product design and distribution, have formed an alliance and launched Balanced Growth Advantage—a new indexed universal life (IUL) insurance policy with uncapped interest crediting potential.
“Balanced Growth Advantage IUL is for clients who want permanent life insurance and the ability to build cash value with protection from negative market performance,” said Larry Cochrane, Securian’s vice president of retail product distribution. “In addition to providing death benefit protection, the policy can help clients accumulate assets to supplement retirement income or cover other financial needs that may arise later in life.”
IUL has been the fastest-growing life insurance product for several years, and its growth continues. New annualized IUL premium grew 15 percent in 2015, while overall individual life insurance premium grew just 6 percent. IUL represented 21 percent of all new individual life premium in 2015.
A key feature of Balanced Growth Advantage, relative to traditional IUL policies, is its uncapped interest crediting potential. While many traditional IUL policies only provide interest up to a cap, BGA offers clients the ability to benefit from the growth of the S&P 500® Price Index, subject to an index allocation factor. Clients also benefit from protection from downside markets and partial credits applied to accumulation value withdrawn from the Balanced Indexed Accounts, including policy charges.
“It’s natural to take the uncapped indexed crediting designs in our fixed indexed annuities and bring them to an indexed universal life insurance policy,” said Don Dady, co-founder of Annexus.
“The enthusiasm this new product has already received from our exclusive network has been remarkable,” added Annexus co-founder Ron Shurts. “We think that financial professionals and clients are going to share our excitement about this new opportunity.”
The new policy is underwritten by Securian’s subsidiary, Minnesota Life Insurance Company, one of the top IUL carriers by sales, and was co-developed with Annexus and its product design partner, Genesis Financial. Balanced Growth Advantage is available for sale through the Annexus network of independent marketing organizations and Securian Financial Network-affiliated advisors.
ABOUT SECURIAN FINANCIAL GROUP
Since 1880, Securian Financial Group and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Now one of the nation’s largest financial services providers, Securian is the holding company parent of a group of companies that offer a broad range of financial services.
Annexus designs insurance solutions combining principal protection with index growth opportunities. Annexus uses patented technologies developed in partnership with Genesis Financial to help individuals face their retirement future with confidence.