After the Great Recession and economic uncertainty of recent years, people within five to 15 years of retirement are frankly worried. Baby Boomer Americans age 50 or older who have not yet retired expect to delay retirement, work in retirement, and have a less secure retirement than their parents, according to a recent Allstate-National Journal Heartland Monitor Poll.
Allstate has addressed these concerns by expanding its retirement product suite. Allstate IncomeProtectorSM and Allstate GrowthProtectorSM annuities were launched in 40 states on Monday, April 30. These new fixed indexed annuities are expected to be available in 49 states by year-end 2012.
Allstate serves 16 million households in the United States and Canada, so we have a clear window into the retirement concerns of our customers as they move through life, said Don Civgin, president and chief executive officer, Allstate Financial. In response, we designed Allstate IncomeProtector and GrowthProtector to guarantee future lifetime income, protect current assets and provide the flexibility to meet individual and family needs.
Allstate research shows that consumers of all ages worry about having enough money to fund their retirements which makes minimum guaranteed interest rates very attractive when considering retirement savings vehicles. The Allstate Protector annuities offer a minimum guaranteed interest rate combined with an interest rate linked to a market index, such as the Standard & Poors 500. This type of annuity has no downside market risk and higher return potential than many traditional fixed annuities, based on positive changes in the S&P 500 up to a maximum cap.
To more closely match consumers top-of-mind retirement planning need for either income or savings, Allstate offers a choice of two Protector annuities:
Allstate IncomeProtector is a deferred income fixed indexed annuity offering guarantees for retirement income protecting what consumers have saved, while guaranteeing lifetime income in the future with the flexibility to start taking retirement income when the time is right. Allstate guarantees to double the amount of a customers first-year purchase payment including bonuses (also known as the income base) less any withdrawals after 10 years, as long as income payments have not begun. All guarantees are based on the claims-paying ability of Allstate Life Insurance Company. Furthermore, Allstate guarantees 7 percent annual growth on the income base for 10 years if income payments have not yet begun. The income base is separate from the contract value and is not available as a surrender value or death benefit.
Allstate GrowthProtector is a flexible premium fixed indexed annuity offering guarantees for retirement savings helping consumers money grow, protecting what they have accumulated while simplifying their ability to save. Another feature of this product is that you can voluntarily increase your premium to accelerate your savings growth in other words, a flexible premium.
Both Allstate Protector annuities have a purchase payment bonus. For as long as the annuity contract is in force, the bonus remains part of your contract value and your IncomeProtector income base. Therefore, it is used to determine your guaranteed lifetime income benefit, or the income payments you eventually will receive. A bonus is fully vested after 10 years.
Withdrawals of gain or other taxable amounts are subject to current ordinary income taxes and if made prior to age 59-1/2 may be subject to a 10% federal penalty tax. If the contract is tax qualified, generally all withdrawals are treated as distributions of gain.
For more information on Allstate IncomeProtector and GrowthProtector annuities, contact the financial professional at your local Allstate agency. Information about retirement planning can be found online at http://www.myallstatefinancial.com/life-tracks/planning-retirement.aspx.
Allstate IncomeProtector Annuity is a limited flexible premium deferred indexed annuity contract issued by Allstate Life Insurance Company, Home Office: Northbrook, IL. Allstate IncomeProtector Annuity is available in most states with contract series number LU10996. Riders/Endorsements: LU10998 Annual Point to Point with Low Water Mark, LU10999 Annual Point to Point with Monthly Averaging, LU11000 Monthly Cap Crediting Strategy, LU11001 Purchase Payment Bonus Endorsement, LU11003 Guaranteed Lifetime Withdrawal Benefit Rider, LU11005 Waiver of Charges, LU11021 WOC for LTC or Hospital, LU11022 WOC for Terminal Illness, LU11023 WOC for Unemployment, LU11024 ADL Waiver of Charges.
Allstate GrowthProtector Annuity is a limited flexible premium fixed indexed annuity contract issued by Allstate Life Insurance Company, Home Office: Northbrook, IL. Allstate GrowthProtector Annuity is available in most states with contract series number LU11002. Riders/Endorsements: LU11001 Purchase Payment Bonus Endorsement, LU11005 Waiver of Charges, LU11021 WOC for LTC or Hospital, LU11022 WOC for Terminal Illness, LU11024 ADL Waiver of Charges.
Allstate has addressed these concerns by expanding its retirement product suite. Allstate IncomeProtectorSM and Allstate GrowthProtectorSM annuities were launched in 40 states on Monday, April 30. These new fixed indexed annuities are expected to be available in 49 states by year-end 2012.
Allstate serves 16 million households in the United States and Canada, so we have a clear window into the retirement concerns of our customers as they move through life, said Don Civgin, president and chief executive officer, Allstate Financial. In response, we designed Allstate IncomeProtector and GrowthProtector to guarantee future lifetime income, protect current assets and provide the flexibility to meet individual and family needs.
Allstate research shows that consumers of all ages worry about having enough money to fund their retirements which makes minimum guaranteed interest rates very attractive when considering retirement savings vehicles. The Allstate Protector annuities offer a minimum guaranteed interest rate combined with an interest rate linked to a market index, such as the Standard & Poors 500. This type of annuity has no downside market risk and higher return potential than many traditional fixed annuities, based on positive changes in the S&P 500 up to a maximum cap.
To more closely match consumers top-of-mind retirement planning need for either income or savings, Allstate offers a choice of two Protector annuities:
Allstate IncomeProtector is a deferred income fixed indexed annuity offering guarantees for retirement income protecting what consumers have saved, while guaranteeing lifetime income in the future with the flexibility to start taking retirement income when the time is right. Allstate guarantees to double the amount of a customers first-year purchase payment including bonuses (also known as the income base) less any withdrawals after 10 years, as long as income payments have not begun. All guarantees are based on the claims-paying ability of Allstate Life Insurance Company. Furthermore, Allstate guarantees 7 percent annual growth on the income base for 10 years if income payments have not yet begun. The income base is separate from the contract value and is not available as a surrender value or death benefit.
Allstate GrowthProtector is a flexible premium fixed indexed annuity offering guarantees for retirement savings helping consumers money grow, protecting what they have accumulated while simplifying their ability to save. Another feature of this product is that you can voluntarily increase your premium to accelerate your savings growth in other words, a flexible premium.
Both Allstate Protector annuities have a purchase payment bonus. For as long as the annuity contract is in force, the bonus remains part of your contract value and your IncomeProtector income base. Therefore, it is used to determine your guaranteed lifetime income benefit, or the income payments you eventually will receive. A bonus is fully vested after 10 years.
Withdrawals of gain or other taxable amounts are subject to current ordinary income taxes and if made prior to age 59-1/2 may be subject to a 10% federal penalty tax. If the contract is tax qualified, generally all withdrawals are treated as distributions of gain.
For more information on Allstate IncomeProtector and GrowthProtector annuities, contact the financial professional at your local Allstate agency. Information about retirement planning can be found online at http://www.myallstatefinancial.com/life-tracks/planning-retirement.aspx.
Allstate IncomeProtector Annuity is a limited flexible premium deferred indexed annuity contract issued by Allstate Life Insurance Company, Home Office: Northbrook, IL. Allstate IncomeProtector Annuity is available in most states with contract series number LU10996. Riders/Endorsements: LU10998 Annual Point to Point with Low Water Mark, LU10999 Annual Point to Point with Monthly Averaging, LU11000 Monthly Cap Crediting Strategy, LU11001 Purchase Payment Bonus Endorsement, LU11003 Guaranteed Lifetime Withdrawal Benefit Rider, LU11005 Waiver of Charges, LU11021 WOC for LTC or Hospital, LU11022 WOC for Terminal Illness, LU11023 WOC for Unemployment, LU11024 ADL Waiver of Charges.
Allstate GrowthProtector Annuity is a limited flexible premium fixed indexed annuity contract issued by Allstate Life Insurance Company, Home Office: Northbrook, IL. Allstate GrowthProtector Annuity is available in most states with contract series number LU11002. Riders/Endorsements: LU11001 Purchase Payment Bonus Endorsement, LU11005 Waiver of Charges, LU11021 WOC for LTC or Hospital, LU11022 WOC for Terminal Illness, LU11024 ADL Waiver of Charges.
Source...