Bank annuities add no-cost ADB rider. (Essex Corp. product; accidental death benefit)

National Underwriter Life & Health-Financial Services Edition, March, 1995 by Koco, Linda

Third-party annuity provider Essex Corp, hoping to enhance its product line, has added a double-indemnity accidental death benefit (ADB) rider to its contracts. The rider, available in more than 30 states, is already being issued by four insurers, and the banks through which the company markets its annuities will also eventually distribute it. The rider requires no underwriting and results in no additional cost.

Essex Corp., New York City, has been looking for a new way to enhance the fixed annuities it markets through financial institutions.

In 1989, the third-party marketer added a first-year bonus feature as an enhancement to manx- of the contracts it sells in banks, and sales took off, recalls Kevin Crowe, chairman and CEO.

But now that bonus fixed...

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