New Life and Annuity Guarantees Are Still Out There

The product is a registered index-linked variable annuity, or RILA product.

Contract holders can choose to tie returns either to the performance of variable separate accounts or through Cycle Investments index account investment options. The index available through that arrangement is the S&P 500 Price Return Index.

Midland National is offering purchasers the ability to buy options that can protect against some loss of account value.

Principal Financial Group has introduced a buffer fund investment option for users of its variable annuities.

Accounts in the company’s new Principal Variable Contracts (PVC) U.S. LargeCap Buffer Series can protect individuals up to the first 10% in investment index losses during a specified period. Users can participate in the first 10% of market gains, and some gains over 10%.

The company says it plans to add similar accounts in the series in October 2022, January 2023 and April 2023.

3. Speed things up.

Sproutt, a life insurance startup that offers discounts on life insurance premiums tied to healthy behaviors, has introduced Sprout SmartLife for Agents, a predictive analytics tool for outside agents. The tool can help agents match clients with suitable life insurance policies quickly.

Agents can use the tool over the phone or through their websites or mobile device apps.

Policygenius, a life insurance web broker, says Impact Partnership will use its technology to help financial advisors and broker-dealers improve clients’ access to term life insurance. The Impact network includes about 200 firms and 2,000 advisors.

Sapiens International says EquiTrust Life, a life insurer controlled by Magic Johnson’s company, will use its electronic application system, illustration system and other systems to improve the services it offers 15,700 agents and independent marketing organizations.

4. Open offices.

Ladder Life, a web-based life insurer and life insurance broker, has moved away from a full work-from-home approach and opened an office in Palo Alto, California.

Afficiency, a company that provides life insurance products for digital life insurance distributors through an API, or digital pipe, has opened an office of its own on Greenwich Street in New York City.

(Photo: Emilia Mariana Ungur/Shutterstock)