Allstate Annuities Introduced in Utah
Allstate IncomeProtector℠ and Allstate GrowthProtector℠ Address Retirement Worries, Meet Demand for Income, Protection, Growth and Flexibility
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Allstate recently introduced two new fixed indexed annuities in Utah to meet its customers' concerns about income, wealth protection, growth and flexibility in retirement savings.
"No matter what their age, our Allstate customers are concerned about financing their retirements," said Tony Albanese, regional financial sales leader for Utah. "For example, our research has shown that Baby Boomer Americans age 50 or older who have not yet retired expect to delay retirement, work in retirement, and have a less secure retirement than their parents. To address that need for retirement security, Allstate has expanded its retirement product suite and our efforts to inform consumers about their retirement saving and protection options."
The new fixed indexed annuities, Allstate IncomeProtector℠ and Allstate GrowthProtector℠, are expected to be available in 49 states by year-end 2012. These Allstate retirement savings vehicles offer a minimum guaranteed interest rate combined with an interest rate linked to a market index, such as the Standard & Poor's 500®. This type of annuity has no downside market risk and higher return potential than many traditional fixed annuities, based on positive changes in the S&P 500 up to a maximum cap.
Each Allstate Protector annuity focuses on either income or savings:
- Allstate IncomeProtector is a "deferred income," fixed-indexed annuity offering guarantees for retirement income – protecting what consumers have saved, while guaranteeing lifetime income in the future with the flexibility to start taking retirement income when the time is right. Allstate guarantees to double the amount of a customer's first-year purchase payment including bonuses (also known as the income base) less any withdrawals after 10 years, as long as income payments have not begun. All guarantees are based on the claims-paying ability of Allstate Life Insurance Company. Furthermore, Allstate guarantees 7 percent annual growth on the income base for 10 years if income payments have not yet begun. The income base is separate from the contract value and is not available as a surrender value or death benefit.
- Allstate GrowthProtector is a "flexible premium," fixed-indexed annuity offering guarantees for retirement savings – helping consumers' money grow, protecting what they have accumulated while simplifying their ability to save. Another feature of this product is that you can voluntarily increase your premium to accelerate your savings growth – in other words, a "flexible" premium.
Both Allstate Protector annuities have a purchase payment bonus. For as long as the annuity contract is in force, the bonus remains part of your contract value and your IncomeProtector income base. Therefore, it is used to determine your "guaranteed lifetime income benefit," or the income payments you eventually will receive. A bonus is fully vested after 10 years.
Withdrawals of gain or other taxable amounts are subject to current ordinary income taxes and if made prior to age 59 1/2 may be subject to a 10% federal penalty tax. If the contract is tax qualified, generally all withdrawals are treated as distributions of gain.
For more information on Allstate IncomeProtector and GrowthProtector annuities, contact the financial professional at your local Allstate agency. Information about retirement planning can be found online at http://www.myallstatefinancial.com/life-tracks/planning-retirement.aspx.
The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held personal lines insurer. Widely known through the "You're In Good Hands With Allstate®" slogan, Allstate is reinventing protection and retirement to help 16 million households insure what they have today and better prepare for tomorrow. Consumers access Allstate insurance products (auto, home, life and retirement) and services through Allstate agencies, independent agencies, and Allstate exclusive financial representatives in the U.S. and Canada, as well as via www.allstate.com and 1-800 Allstate®. As part of Allstate's commitment to strengthen local communities, The Allstate Foundation, Allstate employees, agency owners and the corporation provided $28 million in 2011 to thousands of nonprofit organizations and important causes across the United States.
Allstate IncomeProtector Annuity is a limited flexible premium deferred indexed annuity contract issued by Allstate Life Insurance Company, Home Office: Northbrook, IL. Allstate IncomeProtector Annuity is available in most states with contract series number LU10996. Riders/Endorsements: LU10998 Annual Point to Point with Low Water Mark, LU10999 Annual Point to Point with Monthly Averaging, LU11000 Monthly Cap Crediting Strategy, LU11001 Purchase Payment Bonus Endorsement, LU11003 Guaranteed Lifetime Withdrawal Benefit Rider, LU11005 Waiver of Charges, LU11021 WOC for LTC or Hospital, LU11022 WOC for Terminal Illness, LU11023 WOC for Unemployment, LU11024 ADL Waiver of Charges.
Allstate GrowthProtector Annuity is a limited flexible premium fixed indexed annuity contract issued by Allstate Life Insurance Company, Home Office: Northbrook, IL. Allstate GrowthProtector Annuity is available in most states with contract series number LU11002. Riders/Endorsements: LU11001 Purchase Payment Bonus Endorsement, LU11005 Waiver of Charges, LU11021 WOC for LTC or Hospital, LU11022 WOC for Terminal Illness, LU11024 ADL Waiver of Charges.
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Contact:
Kari Mather
602-631-6248
@AllstateSW