TruStage Enhances Zone Income Annuity Product with Greater Flexibility
May 14, 2024 by TruStage
MADISON, Wis., May 8, 2024 /PRNewswire/ — TruStage™, an insurance, investment and technology provider, focused on making brighter financial futures accessible for all, today announced enhancements to its Zone Income Annuity underwritten by MEMBERS Life Insurance Company. The changes help allow TruStage to better meet modern client expectations for customized investment and income options.
With new withdrawal flexibility for both existing and new contracts, clients can begin receiving guaranteed lifetime income as early as two business days after the contract is issued and can change from single to joint lifetime income any time before lifetime income begins. Clients will also be able to withdraw any amount up to the full lifetime income payment, to help accommodate individual income needs.
The new index offerings for TruStage’s Zone Income annuity include the Dimensional US Small Cap Value Systematic Index and the Barclays Risk Balanced Index. The Dimensional index is designed to pursue higher return potential by systematically excluding the lowest expected return stocks in the US small cap market, such as companies with low profitability and high asset growth. The Barclays index aims to provide stable returns through a dynamic portfolio with exposure to low volatility stocks and US Treasuries, targeting 10% volatility. Zone Income’s declared rate account is also being updated, resetting the renewal rate annually to align with cap rate renewals. Additionally, surrender charges in the first two contract years have been reduced from 9% to 8%.
“Providing clients with greater power over their financial futures is vital to our work at TruStage. With these enhancements to our Zone Income annuity, investors will be better able to adapt the product to a variety of lifestyle considerations and income needs,” said Dave Hanzlik, Vice President of Annuity & Retirement Solutions.
Zone Income is a simple, innovative retirement solution that leverages the power of risk control to provide the best of two worlds – flexible guaranteed income and strong growth potential. With four indices and a declared rate account to choose from, clients can customize a personal blend of upside potential and a measure of downside protection with powerful safeguards against outliving their assets.
For more information on Zone Income or any of TruStage annuities, please contact the TruStage Annuities sales desk at 877.345.GROW (4769) or visit www.trustage.com/annuities.
About TruStage
TruStage is a financially strong insurance, investment and technology provider, built on the philosophy of people helping people. We believe a brighter financial future should be accessible to everyone, and our products and solutions help people confidently make financial decisions that work for them at every stage of life. With a culture rooted and focused on creating a more equitable society and financial system, we are deeply committed to giving back to our communities to improve the lives of those we serve. For more information, visit www.trustage.com.
All guarantees are based on the claims paying ability of the insurer.
TruStage™ is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affiliates.
Neither Barclays Bank PLC (“BB PLC”) nor any of its affiliates (collectively “Barclays”) is the issuer or producer of [Product Name] and Barclays has no responsibilities, obligations or duties to investors in Zone Income Annuity. The Barclays Risk Balanced Index (the “Index”), together with any Barclays indices that are components of the Index, is a trademark owned by Barclays and, together with any component indices and index data, is licensed for use by MEMBERS Life Insurance Company as the issuer or producer of Zone Income Annuity. (the “Issuer”).
Barclays’ only relationship with the Issuer in respect of the Index is the licensing of the Index, which is administered, compiled and published by BB PLC in its role as the index sponsor (the “Index Sponsor”) without regard to the Issuer or the Zone Income Annuity or investors in the Zone Income Annuity. Additionally, MEMBERS Life Insurance Company as issuer or producer of Zone Income Annuity may for itself execute transaction(s) with Barclays in or relating to the Index in connection with Zone Income Annuity. Investors acquire Zone Income Annuity from MEMBERS Life Insurance Company and investors neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with Barclays upon making an investment in Zone Income Annuity. The Zone Income Annuity is not sponsored, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of the Zone Income Annuity or use of the Index or any data included therein. Barclays shall not be liable in any way to the Issuer, investors or to other third parties in respect of the use or accuracy of the Index or any data included therein.
The Dimensional US Small Cap Value Systematic Index (the “Index”) is sponsored and published by Dimensional Fund Advisors LP (“Dimensional”). References to Dimensional include its respective directors, officers, employees, representatives, delegates or agents. The use of “Dimensional” in the name of the Index and the related stylized mark(s) are service marks of Dimensional and have been licensed for use by CMFG Life Insurance Company (“CMFG Life”). CMFG Life has entered into a license agreement with Dimensional providing for the right to use the Index and related trademarks in connection with the TrustageTM Zone Income Annuity (the “Financial Product”). The Financial Product is not sponsored, endorsed, sold or promoted by Dimensional, and Dimensional makes no representation regarding the advisability of investing in such Financial Product. Dimensional has no responsibilities, obligations or duties to purchasers of the Financial Product, nor does Dimensional make any express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use with respect to the Index. Dimensional does not guarantee the accuracy, timeliness or completeness of the Index, or any data included therein or the calculation thereof or any communications with respect thereto. Dimensional has no liability for any errors, omissions or interruptions of the Index or in connection with its use. In no event shall Dimensional have any liability of whatever nature for any losses, damages, costs, claims and expenses (including any special, punitive, direct, indirect or consequential damages (including lost profits)) arising out of matters relating to the use of the Index, even if notified of the possibility of such damages. Dimensional has provided CMFG Life with all material information related to the Index methodology and the maintenance, operation and calculation of the Index. Dimensional makes no representation with respect to the completeness of information related to the Index provided by CMFG Life in connection with the offer or sale of any Financial Product. Dimensional has not published or approved this document, nor does Dimensional accept any responsibility for its contents or use.
Annuities are long-term insurance products designed for retirement purposes. Many registered annuities offer four main features: (1) a selection of investment options, (2) tax-deferred earnings accumulation, (3) guaranteed lifetime payout options, and (4) death benefit options. Before investing, consider the annuity’s investment objectives, risks, charges and expenses. The prospectus contains this and other information. Please read it carefully. To obtain a prospectus, contact your advisor, log on to www.trustage.com/annuities, or call 888.888.3940. This material is informational only and is not investment advice. If you need advice regarding your financial goals and investment needs, contact a financial advisor. All guarantees are backed by the claims-paying ability of MEMBERS Life Insurance Company (MEMBERS Life) and do not extend to the performance of the underlying accounts, which can fluctuate with changes in market conditions.
TruStage™ Zone Income Annuity is issued by MEMBERS Life Insurance Company (MEMBERS Life) and distributed by its affiliate, CUNA Brokerage Services, Inc., member FINRA/SIPC, a registered broker/dealer, 2000 Heritage Way, Waverly, IA, 50677. Investment and insurance products are not federally insured, may involve investment risk, may lose value and are not obligations of or guaranteed by any depository or lending institution. All contracts and forms may vary by state and may not be available in all states or through all broker/dealers. Base Policy Form: 2018-RILA, 2018-RILA-GLWBRDR*, 2018-RILA-DRAEND*, 2023-RILA-GLWBRDR*, 2023-RILA-DRAEND*, 2018-RILA(ID)
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