GRR said its Flexible Benefits Annuity (FBA), lets retirees and near-retirees accumulate benefits within a single contract by making periodic contributions over time. The FBA also offers optional caregiver, surviving spouse, and legacy income benefits, as well as a cost-of-living-adjustment (COLA) option. The FBA also allows certain income benefits to be exchanged and otherwise adjusted in response to changes in a retiree’s life circumstances, according to an announcement.
The FBA provides the caregiver benefit that increases income when the annuitant and/or the spouse are unable to perform certain activities of daily living. The annuitant can elect to use this income toward the expenses of a caregiver or for other needs.
The Flexible Benefits Annuity is currently available in 47 jurisdictions, with Principal Life Insurance Company as the initial issuer.