Great American Life Collaborates with Raymond James to Develop First-Of-Its-Kind Annuity
June 4, 2019 by Great American Life
CINCINNATI–(BUSINESS WIRE)–Great American Life® is pleased to announce the launch of a new variable-indexed annuity developed in collaboration with Raymond James. The Index Summit 6℠, which will be offered through financial institutions, banks and independent broker dealers, is the only annuity on the market to offer crediting strategies with both upside and downside participation rates.
The crediting strategies feature a 50% downside participation rate and current upside participation rates of up to 120% for the first term. For clients, this combination can mean greater growth opportunity while assuming only half the risk of index downturns each term.
Additionally, the product’s crediting strategies offer participation in a variety of market segments with earning potential linked to well-known indexes and ETFs, including the S&P 500®, iShares U.S. Real Estate ETF, and iShares MSCI EAFE ETF. Between this opportunity for diversification and the unique combination of upside potential and downside protection, this new solution can help mitigate volatility risk and allow for greater growth potential in today’s increasingly uncertain market.
The Index Summit 6 also offers a return of premium death benefit, no annual or recurring charges and an early withdrawal charge schedule that ends after six years. These features are part of Great American Life’s commitment to offering transparent products that help clients achieve their goals with no surprises.
“We are incredibly honored to have worked with Raymond James to create this new, innovative solution in an increasingly competitive market,” said Joe Maringer, National Sales Vice President, Great American Life. “One of our main goals in developing this product was to provide an alternative to traditionally sold structured investments with the added benefit of tax deferral. This, coupled with its growth potential and protection factor, can make the Index Summit 6 an attractive investment vehicle for growth-focused clients seeking to mitigate market volatility.”
Tom Layton, Vice President of Product Management at Raymond James, played a pivotal role in the development of this product.
“While we have seen multiple carriers enter the variable-indexed annuity market, few have offered products with innovative crediting strategies,” Layton said. “When Great American asked for our input on potential products, we proposed this particular interest crediting idea because we believe it provides incremental value to investors. We were pleased to see the creation of this product as a result of this collaboration. Great American has always been a great partner, and the launch of the Index Summit 6 really takes that partnership to the next level.”
Great American Life Insurance Company® is a member of Great American Insurance Group® and is rated “A+” by Standard & Poor’s and “A” (Excellent) by A.M. Best for financial strength and operating performance.
About Great American Insurance Group
The annuity operations of Great American Insurance Group (GAIG) offer retirement solutions through the sale of traditional fixed, fixed-indexed and variable-indexed annuities in the retail, broker-dealer, financial institutions and registered investment advisor markets. Annuity subsidiaries include Great American Life Insurance Company® and Annuity Investors Life Insurance Company®. GAIG’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. The members of GAIG are subsidiaries of American Financial Group, Inc. (AFG). AFG’s common stock is listed and traded on the New York Stock Exchange under the symbol AFG. AFG is a Fortune 500 Company with approximately $65 billion in assets. Learn more at GAIG.com.
S&P rating affirmed March 14, 2019. “A+” is fifth highest of 21 categories. A.M. Best rating affirmed August 17, 2018. “A” (Excellent) is third highest out of 16 categories.
The Index Summit 6 can only be sold through a Broker/Dealer that is contracted with Great American Life Insurance Company (“Great American Life”). Sales solicitations must be accompanied or preceded by a prospectus. The prospectus contains important information about the Index Summit 6 annuity and Great American Life. To obtain a copy of the prospectus, please visit GAIGannuities.com. Read it carefully before you purchase an Index Summit 6 contract.
Great American Life designed the contract to be a long-term investment that you can use to help build a retirement nest egg and provide income for retirement. The limitations, adjustments and charges included in the contract reflect its long-term nature. All guarantees are subject to the claims-paying ability of Great American Life. No company other than Great American Life has any legal responsibility to pay amounts owed under the contract.
Variable-indexed annuities involve risk of potential loss, which may include both your original principal and prior earnings, and may not be suitable for all investors. Great American Life has the right to replace an index. Products and features may vary by state, and may not be available in all states.
Withdrawals will reduce the account value, which in turn reduces the amount payable upon surrender, applied to the annuity payout benefit, or payable as the death benefit. Withdrawals may be subject to withdrawal charges. If you withdraw money from an indexed strategy before the end of a term, it will affect your return for that term and may have a significant negative effect. If under age 59½, the taxable amount withdrawn from a qualified or non-qualified annuity is generally subject to a 10% federal penalty tax.
Great American Life Insurance Company is not an investment adviser and the information provided in this document is not investment advice, legal advice, or tax advice. You should consult your investment professional for advice based on your personal circumstances and financial situation. You should seek advice on legal or tax questions based on your particular circumstances from an attorney or tax advisor.
Principal Underwriter/Distributor: Great American Advisors, Inc., member FINRA and an affiliate of Great American Life Insurance Company.
Products are issued by Great American Life Insurance Company®, member of Great American Insurance Group (Cincinnati, Ohio) under contract form P1825218NW, endorsement form E1826318NW, and rider forms R1462416NW and R1462316NW (not available in Massachusetts). Contract and rider form numbers may vary by state. © 2019 by Great American Life Insurance Company. All rights reserved.
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Great American Insurance Group – Annuities
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