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June 2, 2010, Cover Stories, Annuities
From an IVA, New Blood for Insurers
Life insurers, advisors and consumers should embrace his immediate variable annuity (IVA) with a refund option and a death benefit, says Achaean Financial CEO Lorry Stensrud.
At a presentation a few years ago, Peng Chen, president of Ibbotson Associates, projected a slide that plotted the positions of several retirement income products on a risk/return diagram.
In the northwest corner of the chart, as lonely as Pluto on a black map of the solar system, stood the immediate variable annuity (IVA). All other factors held equal, the IVA's reward-to-risk ratio was highest. Yet no one ever buys it.
Lorry Stensrud wants to change that. Or rather, he still wants to change it. Just a few years ago, as an executive at Lincoln Financial Group, he championed Lincoln's fascinating but complex i4Life deferred variable income annuity.
Now, as CEO of Chicago-based Achaean Financial, he's back with a new, patent-applied-for customizable IVA chassis that he calls IncomePlus+. He wants to license it to life insurers, who he hopes will use it as the “Intel Inside” for a new generation of guaranteed income products.
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