Great-West Launches Retirement Income Offering

Great-West Life & Annuity Insurance Company introduced a retirement income product that combines the traits of a mutual fund with a lifetime income guarantee.

To help banks meet their clients’ growing demands for retirement offerings that provide a lifetime income guarantee, Great-West introduced Great-West SecureFoundation Smart Future, a retirement income solution for the bank-affiliated broker/dealer market.

The offering enables clients to participate in potential gains in the stock and bond markets while providing an insurance benefit that features a lifetime income guarantee. The product consists of the Maxim SecureFoundation Balanced ETF Portfolio, which invests in a cost-effective portfolio of Vanguard exchange-traded funds (ETFs), as well as the Great-West SecureFoundation Guarantee, which provides steady income payments for life.

“Clients enjoy the advantages of a familiar retail mutual fund investment and the benefits of a lifetime income guarantee outside the traditional variable annuity structure,” said Chris Bergeon, vice president of Financial Institutions at Great-West.

The offering is intended to help banks address their clients’ evolving needs, said Jacques Brousseau, national director of retirement income products for the Individual Markets Division at Great-West.

“With fewer employers offering defined benefit plans, clients have to shoulder more of the responsibility for providing their own retirement income,” Brousseau said. “As a result, bank-affiliated broker/dealers are looking for new and better ways to help their clients close this gap. Our retirement income offering delivers an innovative solution that advisers can readily recommend to clients who are looking for savings opportunities that ensure they’ll have guaranteed income throughout their retirement.”

More information on Great-West SecureFoundation Smart Future can be found here.