The Big "I" and Trusted Choice® are pleased to announce the launch of the Guaranteed Income Program in partnership with the Nationwide Life Insurance Company and the Principal Financial Group®.
The new platform provides a freshly developed set of products designed to help Trusted Choice independent insurance agents better serve their clients. With nearly 10,000 baby boomers reaching retirement age each day, independent agents are uniquely positioned to help these individuals and families by offering guaranteed lifetime income products to meet their need for predictable monthly income in retirement.
“Lifetime income annuities are a great way for independent agents to help their clients plan for the potential risk of outliving their retirement savings," says Robert Holt, Big “I" vice president of life and annuity business development. “Preparing for longevity risk allows the client to plan for monthly guaranteed income while avoiding the possibility of volatile market fluctuations or simply running out of savings."
Two types of products will be available on the platform: single-premium immediate annuities and multi-year income annuities. Both products can provide tax-deferral and competitive interest rate returns.
“Lifetime income annuities are growing in importance, especially as the pandemic is driving uncertainty, pensions are on the decline and systemic shifts place greater responsibility—and greater pressure—on individuals to fund their own retirement," said Craig Hawley, head of Nationwide's Annuity Distribution, Nationwide Financial. “In fact, our 2020 Advisor Authority study shows that more than two-thirds of millennial and Gen X investors are likely to include an annuity as part of their holistic plan to protect against outliving their savings—and roughly two-thirds also say that an annuity would help them feel more secure about their retirement."
“Principal® is excited to partner with Trusted Choice and its independent insurance agents to help individuals achieve retirement security," says Sara Wiener, assistant vice president of retirement and income solutions for Principal. “Our research shows that retirees are more confident and happier when there's certainty regarding their monthly income in retirement, and they're less concerned about market volatility. Since uncertainty is part of life, providing a source of guaranteed income to cover essential expenses is one measure that can be taken to help promote financial security today and in the future."
“When Trusted Choice began work on this initiative, we knew it would be vitally important to marry our strong carrier partnerships with a best-in-class annuity platform and, most importantly, top-notch agent training," says Kevin Brandt, executive director of Trusted Choice. “This partnership with Nationwide and Principal brings unique product offerings from two industry leaders. We look forward to this partnership equipping Trusted Choice agents to further their role as trusted advisors to their clients' changing needs."
The platform became available on Nov. 23 for Trusted Choice independent agents.