The changes include increased client payouts for the optional Nationwide Lifetime Income Rider (Nationwide L.inc) and a new B-share variable annuity, Nationwide Destination B, the company said.
Nationwide recently announced that, due to recovering financial markets, it is increasing payout percentages for Nationwide L.inc for new contracts issued on or after May 1, 2010 with certain age restrictions.
The changes include:
- Increase from 5% to 5.25% for ages 65-80
- Increase from 6% to 6.25% for ages 81+
“Many consumers are worried about the rising cost of health care, inflation and the possibility of outliving their assets,” said Eric Henderson, senior vice president of Individual Investments for Nationwide Financial. “Our recent enhancements to Nationwide L.inc provide an even higher level of guaranteed income to help advisers meet the needs of clients who are looking for a competitive living benefit that can provide a guaranteed stream of income in retirement.”
Nationwide Destination B is part of the Nationwide Destination Series, a single share class lineup of annuities designed to streamline the company’s annuity platform.
More information is at www.nationwide.com.