Western & Southern Financial Group has announced enhancements to IncomeSource, the single premium immediate annuity issued by its units, Integrity Life Insurance Company (Cincinnati) and National Integrity Life Insurance Company (Goshen, NY).
The enhancements include:
- Commutation benefits. Allow access to funds for emergencies to owners of period-certain contracts.
- Cash refund payout. Offers a conditional money-back guarantee for beneficiaries.
- Increasing payout option. Guarantees annual increases up to five percent to offset impact of inflation.
- Temporary life payout. A period-certain contract that allows the owner to benefit f rom mortality credits.
Sales of IncomeSource grew by 25% to an all-time high in 2009, surpassing a record set in 2008. Third-quarter 2008 YTD sales were $119.36 million with a 2.1 percent market share. Third-quarter 2009 YTD sales were $170.42 million, a 43% increase over the same period in the prior year. Market share increased to 3.2%.
Western & Southern is a Cincinnati-based group of financial services companies that own or manage over $43 billion. It has a Standard &Poor’s AA+ Very Strong rating, A.M. Best’s A+ Superior rating, Fitch’s AA Very Strong rating and Moody’s Aa3 Excellent rating, all with a Stable outlook, as of September 2009.
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