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Offers Consumers the Opportunity to Accumulate Funds for Retirement by Allowing Flexible Contributions Over Time
CHICAGO, Oct. 10, 2023 /PRNewswire/ -- Bankers Life, a national life and health insurance brand that focuses on the insurance needs of Americans who are near or in retirement, announced today that it is expanding its annuities portfolio by introducing the Flexible Premium Bonus Indexed Annuity (FPBIA).
The Bankers Life FPBIA is designed with stability and flexibility in mind to help customers create a guaranteed lifetime income stream for retirement. The FPBIA allows for additional deposits after the policy is in effect, allowing clients to consolidate their retirement accounts and a single place to deposit rather than buying multiple policies. It also provides clients the opportunity to make deposits multiple times a year to help save for their retirement and accumulate retirement money that may be less volatile as they near retirement.
According to a recent company survey1, 76% of respondents are concerned that the rising cost of living will prevent them from enjoying retirement and 23% do not feel prepared with an income stream in retirement.
"If you're nearing or in retirement, Bankers Life Flexible Premium Bonus Indexed Annuity can help you protect and build your nest egg," said Scott Goldberg, president of the Consumer Division, CNO Financial Group. "Customers who have funds set aside in multiple vehicles for retirement and are looking to de-risk their portfolios will appreciate the stability, flexibility and simplicity of our new FPBIA product. It is an ideal solution to customers' retirement planning goals of saving, securing guaranteed retirement income and building a financial legacy."
Addressing consumer needs for protection and growth opportunity, FPBIA offers features and benefits that include:
Features
- Each deposit earns interest distinctly and separately from any other premium deposit.
- Each premium receives a bonus that vests over time.
- Fixed and Index-linked credit options.
- Ability to earn a guaranteed fixed interest rate on monies allocated to the fixed option.
Benefits
- Flexible premiums
- Higher possible growth potential
- Tax-deferral on gains
- Easy access to funds
- Beneficiary-friendly money
FPBIA is currently available in the following states: AK, AL, AZ, CA, CT, DC, DE, FL, IA, ID, IN, MD, MI, MN, MO, MT, NC, NH, NJ, NV, OH, OR, PA, TN, TX, UT, VA, WA, and WY.
For more information and details on the new FPBIA product as well as more Bankers Life's full portfolio of annuity products, visit BankersLife.com/annuities.
About Bankers Life
Bankers Life focuses on the insurance and investment needs of middle-income Americans who are near or in retirement. The Bankers Life brand is a part of CNO Financial Group, Inc. (NYSE: CNO), whose companies provide insurance and wealth management solutions that help protect the health and retirement needs of working Americans and retirees. There are approximately 4,300 exclusive agents, including 700 financial representatives working from more than 230 U.S. sales offices. To learn more, visit BankersLife.com.
Bankers Life is the marketing brand of various affiliated companies of CNO Financial Group including, Bankers Life and Casualty Company, Bankers Life Securities, Inc., and Bankers Life Advisory Services, Inc. Non-affiliated insurance products are offered through Bankers Life Securities General Agency, Inc., (dba BL General Insurance Agency, Inc., AK, AL, CA, NV, PA).
Securities and variable annuities offered through Bankers Life Securities, Inc. Member, FINRA/SIPC (dba BL Securities Inc., AL, GA, IA, IL, MI, NV, PA). Advisory products and services offered by Bankers Life Advisory Services, Inc. SEC Registered Investment Adviser (dba BL Advisory Services, Inc., AL, GA, IA, MT, NV, PA).
1 - CNO Financial Group, Customer Panel Survey: Helping Consumers Navigate Economic Uncertainty, 2023, p. 17
SOURCE Bankers Life