According to Sentinel Security Life, the new fixed indexed annuity product will provide principal protection, interest-crediting strategies that mirror market performance, tax deferral and the opportunity to receive a consistent stream of income for life.
Sentinel Security Life added that its new product will also offer an optional Income Rider with competitive guaranteed payout rates. The Income Rider in combination with the Summit Bonus Index will create an investment strategy that can guarantee annual income throughout retirement.
The company said that Summit Bonus Index is designed with two phases for retirees. The first phase will be the accumulation phase, where the retiree earns on their investment, tax-deferred and the second phase will be the income phase, where retirees can choose from several settlement options or a consistent stream of income if the Income Rider is selected.
Sentinel Security Life president, Earl Tate, said: "Sentinel Security Life is excited to announce the release of Summit Bonus Index annuity. This new product will provide today seniors with an exceptional value in a fixed indexed annuity.
"It is a well-designed product with favorable returns as an investment vehicle. If coupled with the income rider, it can provide guaranteed benefits for a lifetime. We hope that our seniors will find this annuity a great addition to their retirement plan," Tate added.
Sentinel Security Life vice president and CFO, Dan Acker, said: "The Summit Bonus Index offers traditional fixed annuity benefits such as guaranteed minimum interest, death benefits, access to funds in the event of unforeseen circumstances, and tax-deferred earnings.
"The Summit Bonus Index goes a few steps further and takes retirement planning to another level with the potential for additional interest, linked to the return of an index," Acker added.