Ohio National FIA Driver Offers Guaranteed Retirement Income Growth – InsuranceNewsNet
CINCINNATI, Oct. 03, 2022 (GLOBE NEWSWIRE) — Ohio National Financial Services, Inc. is advancing its ONdex fixed indexed annuity products with a new endorsement that guarantees opportunities for income growth in retirement. With Ohio National’s Ion Guaranteed Lifetime Withdrawal Rider (GLWB), the annuitant’s income increases every year, regardless of market performance. This guaranteed growth can help keep retirement assets ahead of inflation and can help retirees maintain their standard of living.
The value of the ionic IBC increases by 6% of its initial value each year without any withdrawals being made during the first 20 years. After this 20 year period or in any year the Annuitant makes a withdrawal, the Ion will increase by another 3%. Since the income is based on the value of the rider, the annuitant’s income will also increase — each year for life — provided withdrawals do not exceed the amount allowed under the rider.
“The new Ion rider makes our ONdex fixed indexed annuity products even more powerful from a retirement income perspective,” said Jay Bley, senior vice president, annuity distribution and sales. “Our clients can now achieve steady, guaranteed growth to support their retirement lifestyle for as long as they live. It’s one more way to help them face the future with confidence and peace of mind.
The Ion is available in single-life and common-life versions. The single life Ion guarantees an income for the life of the annuitant, the person on whose life the contract is based. The split version guarantees income for the life of the annuitant or the annuitant’s spouse, whichever is longer.
The Ion GLWB for ONdex Fixed Indexed Annuities is available now from independent financial professionals in all states except NY.