Financial Services Industry
Industry: Email Alert RSS FeedAnnuity for bank market has nursing home waiver.
National Underwriter Life & Health-Financial Services Edition, November, 1990 by Koco, Linda
Annuity For Bank Market Has Nursing Home Waiver
AIG Life and Essex Corp. have included a "nursing home waiver" in their new flexible premium deferred annuity for the financial institution marketplace.
Called the American Classic Annuity, the product is already approved for sale in 36 states.
The nursing home waiver will void the surrender charge on one withdrawal made during the annuity owner's confinement in a qualified hospital or nursing home. The annuity owner must be under age 76, and the confinement must have run for 30 days or more.
The withdrawal can equal the full contract value, or a portion of that value. if only a portion is taken, the annuity owner cannot go back later and make a second penalty-free withdrawal for...
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