Annuity and Life Insurance Product Update – Fourth Quarter 2012

by on Jan 17, 2013

annuity_product_update_image (1)Since the last installments of our quarterly Life Insurance Product Update andAnnuity Product Update articles, only one new life insurance product and one new annuity product were released by our coverage firms. This is a steep drop-off from the fourth quarter of 2011 which featured six new annuities and two new benefit riders. Here is a look at the products that were released last quarter:

Allianz Life – Retirement Advantage Variable Annuity
The Retirement Advantage variable annuity was introduced in the beginning of the fourth quarter and offers three account options that allow clients to choose between various features, such as death benefits, income withdrawals and additional investment options. Additionally, the product includes free withdrawals, 12 fee-free transfers per year and five different annuity payout options.

MetLife – MetLife One Year Term
MetLife One Year Term offers short-term coverage with a standard death benefit and four premium payment options including annual, semiannual, quarterly and monthly. Additional product features include a minimum face amount of $100,000, four risk classes and issue ages between 18 and 94. The life policy is not convertible and the premium and death benefit are guaranteed for one year only.

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Allianz Life Retirement Advantage Promotional Image
2012 Summary
In 2012, the Annuity Monitor firms released a total of two new variable annuities, six benefit riders and five fixed annuities (including income and index products). Our Life Insurance Monitor firms introduced five new universal policies, four benefit riders, one whole life policy, one term policy and one new variable life insurance policy. Additionally, two enhanced versions of pre-existing universal life insurance policies were released in 2012.