New Bankers Life Annuity Product Offers Income and Flexibility During Retirement

Rhea-AI Summary

Bankers Life, a brand under CNO Financial Group, announced the launch of its new Guaranteed Lifetime Income Annuity Plus with Enhanced Benefit (GLIA Plus). This single-premium fixed indexed annuity is designed to provide tax-deferred savings and guaranteed lifetime income, with options to increase withdrawals temporarily during health crises. The product aims to assist consumers in managing retirement and healthcare expenses, addressing a critical gap where 79% of middle-income Boomers lack long-term care savings. GLIA Plus is available in 49 states, excluding New York.

Positive

• Introduces GLIA Plus, enhancing retirement income security.
• Offers tax-deferred accumulation and guaranteed lifetime income.
• Allows increased withdrawals during health crises, addressing urgent consumer needs.

Negative

• Limited availability, as GLIA Plus is not offered in New York.

CHICAGO, May 13, 2021 /PRNewswire/ -- Bankers Life, a national life and health insurance brand that focuses on the insurance needs of Americans who are near or in retirement, announced today its new Guaranteed Lifetime Income Annuity Plus with Enhanced Benefit (GLIA Plus). The new product is a single-premium fixed indexed annuity with an enhanced benefit that helps consumers access their money for healthcare expenses in the event of a care-related need.

GLIA Plus offers consumers the opportunity to accumulate tax-deferred savings for retirement and create a stable, flexible retirement income solution that can guarantee income payments for life through lifetime income withdrawals. The annuity also offers clients the option to temporarily increase the income withdrawals for up to two years in the event of a qualified health crisis to help cover care-related or other expenses.

"According to a recent Center for a Secure Retirement study, nearly eight in 10 (79%) middle-income Boomers have no money set aside specifically for their long-term care needs," said Scott Goldberg, president of the consumer division at CNO Financial Group. "Helping our consumers protect their retirement savings and grow their nest egg is a top priority for us. Adding GLIA Plus to our portfolio is another tool in helping our customers prepare for both their future income and healthcare needs."

GLIA Plus product design details:

• Principal safety and growth potential – offers the simplicity of a traditional fixed annuity combined with the opportunity to earn interest linked in part to an external market index, all while protecting the annuity's principal against downside market risk.
• Guaranteed lifetime income option – offers predictable, dependable income payments for life and customers can know exactly how much yearly income they will receive for as long as they live.
• Flexibility and control of money – offers the ability to stop and restart lifetime income withdrawals as customers' needs change and provides the option to access annuity funds in times of financial uncertainty.
• Enhanced benefit – offers the option to receive a temporary increase to the income withdrawals if eligibility conditions are met, which include being certified by a licensed health care professional as being unable to perform two or more Activities of Daily Living (ADLs) or as having a severe cognitive impairment.

GLIA Plus complements Bankers Life current fixed indexed annuity products, including the Security Builder® Indexed Annuity, the Premium Bonus Indexed Annuity (PBIA), the Guaranteed Lifetime Income Annuity (GLIA) and the GrowthPoint® Indexed Annuity. Bankers Life also offers various insurance and retirement solutions including Medicare Supplement insurance, life insurance, long-term care insurance and supplemental health insurance, as well as investment solutions offered through Bankers Life Securities, Inc. and Bankers Life Advisory Services, Inc.

GLIA Plus is available in 49 states, excluding New York, through Bankers Life exclusive insurance agents. Payout may be subject to withdrawal charges, which can vary by state. GLIA Plus is not long-term care insurance. To learn more about this and other products offered by Bankers Life, visit BankersLife.com.

About Bankers Life
Bankers Life focuses on the insurance needs of middle-income Americans who are near or in retirement. The Bankers Life brand is a part of CNO Financial Group, Inc. (NYSE: CNO), whose companies provide insurance solutions that help protect the health and retirement needs of working Americans and retirees. There are approximately 5,000 exclusive agents across approximately 260 U.S. sales offices. To learn more, visit BankersLife.com.

Bankers Life is the marketing brand of various affiliated companies of CNO Financial Group including, Bankers Life and Casualty Company, Bankers Life Securities, Inc., and Bankers Life Advisory Services, Inc.  Non-affiliated insurance products are offered through Bankers Life Securities General Agency, Inc., (dba BL General Insurance Agency, Inc., AK, AL, CA, NV, PA).

Securities and variable annuities offered through Bankers Life Securities, Inc. Member, FINRA/SIPC (dba BL Securities Inc., AL, GA, IA, IL, MI, NV, PA). Advisory products and services offered by Bankers Life Advisory Services, Inc. SEC Registered Investment Adviser (dba BL Advisory Services, Inc., AL, GA, IA, MT, NV, PA).

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SOURCE CNO Financial Group, Inc.

FAQ

What is the Guaranteed Lifetime Income Annuity Plus with Enhanced Benefit (GLIA Plus) from CNO?

GLIA Plus is a single-premium fixed indexed annuity offering tax-deferred savings and guaranteed lifetime income, plus options for temporary increased withdrawals during health crises.

How does GLIA Plus help consumers manage healthcare expenses?

GLIA Plus allows for temporary increases in income withdrawals for up to two years to cover care-related or other expenses during a qualified health crisis.

In how many states is GLIA Plus available?

GLIA Plus is available in 49 states, excluding New York.

What are the main features of the GLIA Plus annuity?

Key features include principal safety and growth potential, guaranteed lifetime income, flexibility in withdrawals, and an enhanced benefit for temporary income increases during health crises.

Who is the target market for GLIA Plus?

GLIA Plus is designed for middle-income Americans nearing or in retirement, particularly those concerned about funding long-term care needs.