News release from Forethought Life
Indianapolis, IN, May 27, 2015 — Forethought Life Insurance Company, a subsidiary of Global Atlantic Financial Group Limited, has enhanced its ForeRetirement variable annuity suite with the launch of ForeRetirement III. The new variable annuity builds on the success of its predecessors with additional Daily withdrawal benefit options, an expanded investment platform and greater flexibility in balancing guarantees and growth potential.
“With ForeRetirement III, advisors can offer greater choice and customization for clients to develop a much more personalized approach to retirement,” said Jason Bickler, National Sales Manager for annuity broker/dealer distribution.
ForeRetirement is a core component of Forethought’s comprehensive annuity platform, which is built upon a holistic, diversified approach to the annuity marketplace. Along with variable annuities, the company also offers fixed annuities and fixed index annuities, as well an innovative fixed annuity with long-term care benefits.
Four optional Daily withdrawal benefits
ForeRetirement now offers four optional daily withdrawal benefits, as Daily 7 and Daily +5 join Daily 6 and Daily +4. The ForeRetirement variable annuity uniquely enables customers to balance the richness of guarantees with available growth potential across a spectrum of options.
For guaranteed income purposes, the Daily 6 and Daily 7 credit the greater of daily benefit step-ups achieved or an annual Deferral Bonus of 6% or 7%, respectively. Daily +4 and Daily +5 credit a Deferral Bonus of 4% or 5%, respectively, on top of any daily step-ups received. Benefits also vary by cost and investment requirements.
In addition, all offer Deferral Bonuses for 15 years, up from 10 years previously, or until first withdrawal, if sooner. Daily step-up potential now continues to age 95, up from age 90 previously. Owners receive a percentage of their benefit balance based on age upon initiation of payouts.
New managed risk investment choices
Among the available investment options, ForeRetirement now offers 11 managed risk choices, up from nine. The additions are new Forethought Variable Insurance Trust Funds, sub-advised by Goldman Sachs Asset Management and PIMCO. The managed risk investment options are available to all contract owners; however, a managed risk allocation is required if optional benefits are elected.
“With its broad range of benefits, diverse investment options and well-known money managers, ForeRetirement is a compelling option for many people looking to solidify their retirement plans,” said Paula Nelson, Head of Annuity Distribution for Forethought.
ForeRetirement variable annuities are offered in B, C and L share classes, sold through select national and regional wirehouses, banks and independent broker-dealers. ForeRetirement variable annuities are available in 49 states. Forethought does not issue in New York. Feature and availability may vary by firm.
About Variable Annuities
Variable annuities are long-term investments intended for retirement purposes that offer tax-deferral, professionally managed investment options and flexible payouts. Values will fluctuate with investment performance, and the annuity may gain or lose value. Charges and fees will also reduce its value. Optional benefits are not available for purchase outside of a variable annuity and may be elected at an additional cost. A standard death benefit is included in the base product. Suitability and willingness to purchase the variable annuity must be considered prior to the potential benefits of any optional features. Guarantees within the product are based on the claims-paying ability of the issuing company and assume compliance with benefit guidelines.
About Forethought Life Insurance Company
Forethought Life Insurance Company provides a full suite of annuities and a leading preneed life insurance platform to help solve the pre-retirement, retirement and end-of-life challenges facing Americans today. A targeted strategy delivers multifaceted product lines to customers through key distribution relationships across the country. Experienced leadership and financial discipline underlie strong growth and success in the marketplace.
Forethought is a subsidiary of Global Atlantic Financial Group Limited, a financial services company focused on the annuity, life insurance and reinsurance markets with $40 billion in assets and nine offices.