Allstate Unveils Two Fixed Indexed Annuities


Allstate expanded its retirement product suite with IncomeProtector and GrowthProtector launched in 40 states.



Baby Boomers who have not yet retired expect to delay retirement, to work in retirement and to have a less secure retirement than their parents, according to an Allstate/National Journal Heartland Monitor poll.

The Protector annuities offer a minimum guaranteed interest rate combined with an interest rate linked to a market index, such as the Standard & Poor’s 500. Both have a purchase payment bonus. While the annuity contract is in force, the bonus remains part of the contract value and is used to determine the payments the investor eventually receives. A bonus is fully vested after 10 years.

Allstate IncomeProtector is a deferred income fixed indexed annuity with retirement income guarantees. Allstate guarantees a doubling of the amount of an investor’s 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. Allstate guarantees 7% 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. Premiums can be voluntarily increased to accelerate savings growth.

Allstate intends to roll out the annuities to nine more states by the end of the year.