Great American Life® is pleased to announce the launch of a new variable-indexed annuity developed in collaboration with Raymond James. The Index Summit 6℠, which will be offered through financial institutions, banks and independent broker dealers, is the only annuity on the market to offer crediting strategies with both upside and downside participation rates.
The crediting strategies feature a 50% downside participation rate and current upside participation rates of up to 120% for the first term. For clients, this combination can mean greater growth opportunity while assuming only half the risk of index downturns each term.
Additionally, the product’s crediting strategies offer participation in a variety of market segments with earning potential linked to well-known indexes and ETFs, including the S&P 500®, iShares U.S. Real Estate ETF, and iShares MSCI EAFE ETF. Between this opportunity for diversification and the unique combination of upside potential and downside protection, this new solution can help mitigate volatility risk and allow for greater growth potential in today’s increasingly uncertain market.
The Index Summit 6 also offers a return of premium death benefit, no annual or recurring charges and an early withdrawal charge schedule that ends after six years. These features are part of Great American Life’s commitment to offering transparent products that help clients achieve their goals with no surprises.
“We are incredibly honored to have worked with Raymond James to create this new, innovative solution in an increasingly competitive market,” said Joe Maringer, National Sales Vice President, Great American Life. “One of our main goals in developing this product was to provide an alternative to traditionally sold structured investments with the added benefit of tax deferral. This, coupled with its growth potential and protection factor, can make the Index Summit 6 an attractive investment vehicle for growth-focused clients seeking to mitigate market volatility.”
Tom Layton, Vice President of Product Management at Raymond James, played a pivotal role in the development of this product.
“While we have seen multiple carriers enter the variable-indexed annuity market, few have offered products with innovative crediting strategies,” Layton said. “When Great American asked for our input on potential products, we proposed this particular interest crediting idea because we believe it provides incremental value to investors. We were pleased to see the creation of this product as a result of this collaboration. Great American has always been a great partner, and the launch of the Index Summit 6 really takes that partnership to the next level.”
Great American Life Insurance Company® is a member of Great American Insurance Group® and is rated “A+” by Standard & Poor’s and “A” (Excellent) by A.M. Best for financial strength and operating performance.
About Great American Insurance Group
The annuity operations of Great American Insurance Group (GAIG) offer retirement solutions through the sale of traditional fixed, fixed-indexed and variable-indexed annuities in the retail, broker-dealer, financial institutions and registered investment advisor markets. Annuity subsidiaries include Great American Life Insurance Company® and Annuity Investors Life Insurance Company®.