Nationwide and RetireOne Adjust Menus for Volatile Markets
RetireOne and Midland National Life Insurance Co., an arm of Sammons Financial Group, introduced the Constance contingent deferred annuity, or CDA, in 2021.
A CDA is a lifetime income protection product. It includes all of the machinery in an individual annuity that can provide a lifetime stream of income, other than the investment portfolio used to support the lifetime income guarantee.
A retirement saver can attach the Constance CDA to any investment portfolio that meets RetireOne and Midland National’s CDA program portfolio standards.
Buyers and their advisors can choose whether to attach the CDA to funds on a preapproved investment menu, or to combine the CDA with a homegrown portfolio.
RetireOne said it and Midland National have now added 255 mutual funds, ETFs and model portfolios to the list of preapproved investments that are easy to plug into a Constance CDA.
The companies have added options from Cambridge Investments, Fidelity Investments, Inspire ETFs, Invesco, iShares, Nuveen and Schwab. The additions increase the total number of menu entries to 390.
RetireOne and Midland National have also added 60 more model portfolios to the preapproved investment list. The model portfolios come from American Funds, Delaware Funds, Dimensional Fund Advisors, Dynamic Wealth Management, Horizon Investments, Inspire ETFs and WealthCare Capital Management.
The companies have also introduced a Portfolio Builder tool that can help RIAs build Constance-compatible portfolios of mutual funds and ETFs.
Other Life and Annuity News
Everydays, a company that sells retirement, health and end-of-life planning products aimed at consumers ages 60 and older through a digital system, has agreed to distribute life insurance and retirement planning services from Vantis Life, a Penn Mutual subsidiary.
AM Best has introduced a new Solvency II Life Underwriting by Line of Business template for the BestLink for Excel system. The template can help advisors, actuaries and others with an interest in the financial strength of European life insurers track the insurers’ performance. The template can help users see the data for premiums, claims and expenses for each life insurance-related line of business at many major life insurers.
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