Allstate, which serves 16 million households in the U.S. and Canada, launched the IncomeProtector and GrowthProtector fixed indexed annuities this week. Currently available in 40 states, the products are expected to be available in 49 states by year-end 2012.
The Allstate 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. Allstate offers two Protector annuities:
- Allstate IncomeProtector is a deferred fixed indexed annuity whose guaranteed living benefit features a 7% annual deferral bonus that can produce an income base double the purchase premium if income is delayed for 10 years.
- Allstate GrowthProtector is a flexible premium fixed indexed annuity offering a guaranteed rate of return.
Both Allstate Protector annuities have a purchase payment bonus that remains part of the contract value or income base while the contract is in force. The bonus is fully vested after 10 years.
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