IncomeSource, a single premium immediate annuity underwritten by two Western & Southern Financial Group member companies has been added to selection of annuities on the Fidelity Insurance Network, the online platform where many Americans buy their income annuities. It’s the first Western & Southern annuity to be offered in Fidelity’s product line-up.
IncomeSource is issued by Western-Southern Life Assurance Company or National Integrity Life Insurance Company.
According to a release this week, IncomeSource offers:
- An optional annual inflation adjustment of one to five percent per year
- Beneficiary designation options
- Commutation rights that can provide emergency liquidity
- Financial strength. Western & Southern has an A+ (Superior) rating from A.M. Best and an AA (Very Strong) rating from Standard & Poor’s.
Fidelity Insurance Network, established in 1987, offers deferred variable annuities, immediate fixed income annuities, fixed deferred annuities with guaranteed life withdrawal benefits and deferred income annuities.
Guardian, MassMutual, New York Life and The Principal all offer both immediate fixed income annuities and deferred income annuities through the platform. All of the immediate annuities on the platform have an initial minimum premium of $10,000 and all have joint-and-survivor options that allow for 100%, 66 2/3% and 50% continuation to the survivor.
Fidelity Investments has assets under administration of $6.4 trillion, including managed assets of $2.3 trillion as of August 31, 2017.
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