TruStage has upgraded its Zone Income Annuity offering.
New features include enhanced flexibility in withdrawals for both new and existing contracts. According to TruStage, whose Zone Income Annuity is underwritten by MEMBERS Life Insurance Company, clients can start to collect guaranteed lifetime income just two business days following contract issuance.
Additionally, clients now have the option to switch from a single to a joint lifetime income arrangement anytime before payments commence. The flexibility extends to withdrawal amounts as well, where clients can now withdraw up to the entirety of their lifetime income payment, addressing unique financial requirements.
TruStage also introduced new index options, notably the Dimensional US Small Cap Value Systematic Index and the Barclays Risk Balanced Index. The Dimensional index strategically targets higher returns by excluding the lowest performing stocks within the US small cap sector based on profitability and asset growth metrics.
Conversely, the Barclays index is engineered to yield stable returns by dynamically managing a portfolio comprised of low volatility stocks and US Treasuries, maintaining a target volatility of 10%.
The product’s declared rate account will now also adjust its renewal rate annually in accordance with cap rate renewals, and surrender charges in the initial two years were lowered from 9% to 8%.
Dave Hanzlik, vice president of annuity & retirement solutions, emphasized the importance of these updates, saying: “Providing clients with greater power over their financial futures is vital to our work at TruStage. With these enhancements to our Zone Income Annuity, investors will be better able to adapt the product to a variety of lifestyle considerations and income needs.”
Zone Income Annuity combines the benefits of flexible guaranteed income and robust growth potential. Clients can tailor their investments with a choice of four indices and a declared rate account.
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