Effective July 1: Fixed Indexed Annuity Updates

Our fixed indexed annuity (FIA) product suite has never been stronger. We’re proud of the value, income, accumulation potential, and protection they bring to your current and potential clients. We want to make you aware of updates we are making to our FIA product suite, effective July 1, 2020. These changes reflect today’s challenging interest rate environment, but also will allow us to serve a greater number of potential clients.

  • First, we will be increasing the maximum issue age to 85 for Nassau Growth Annuity without an income rider.*
  • Second, to create consistency throughout our product suite, we will be adjusting the premium bonus and bonus vesting schedule on Personal Retirement Choice in Group A states.**
  • Third, we will be reducing the payout percentages on the income riders available with our FIAs. Our products continue to offer strong consumer value even after these changes.***
  • Fourth, Idaho will transition to the Group B surrender charge schedule across all of our FIAs, as a result of state regulatory changes.
*Income rider and nursing home/terminal illness waivers will only be available for issue age 80 and below. 
**These states include: AL, AR, AZ, CO, DC, GA, HI, IN, KS, MD, MI, NC, ND, NE, NM, NV, OK, RI, SD, TN, WV.
***Applies to future new business sold through Nassau Life and Annuity Company, as well as both single and spousal rider options.

Transition Rules

  • Applications signed on or before June 30th and received before July 2nd will receive the old rates.
    • PRC contracts will have the old bonus percentages and new bonus recapture schedule.
      • An acknowledgement form from the producer confirming that the client agrees to the new schedule will be required.
    • All transfer funds must be received at Nassau by 9/1/2020.
  • Applications signed July 1st or later will receive the new rates.
    • PRC contracts will have the new bonus percentages and new bonus recapture schedule.
  • An acknowledgment form (or a new disclosure if a Nassau Growth Annuity contract) from the producer confirming that the client agrees to the new rates will be required prior to issue for any applications signed on or before June 30th and received on or after July 2nd. 

Disclosures

For Producer Use Only. Not for use in solicitation or advertising to the Public. 

Product features, rider options and availability may vary by state. Actual product details, including all terms and conditions that apply, are contained in the annuity contract. Product sales must be appropriate based on a comprehensive evaluation of the customer’s financial situation, needs, and objectives. Lifetime payments and guarantees are based on the claims-paying ability of the issuing company.

Nassau Growth Annuity (19FIA3, ICC19FIA3, 19GLWB3, ICCGLWB3), Nassau Personal Income Annuity (19FIA, ICC19EIAN and ICC19EIA), Nassau Personal Protection Choice (19FIA, ICC19EIAN and ICC19EIA), and Nassau Personal Retirement Choice (19FIA, ICC19EIA and 19ISB) are issued by Nassau Life and Annuity Company (Hartford, CT). In California, Nassau Life and Annuity Company does business as “Nassau Life and Annuity Insurance Company.” Nassau Life and Annuity Company is not authorized to conduct business in MA, ME, MN, and NY, but that is subject to change. Nassau Life and Annuity Company is a subsidiary of Nassau Financial Group. BPD40193

Insurance Products: NOT FDIC or NCUAA Insured | NO Bank or Credit Union Guarantee. 

© 2020 Nassau

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Anthony LaRosaEffective July 1: Fixed Indexed Annuity Updates