Product & Service Launches

Nationwide Introduces CareMatters Annuity

Nationwide introduced on Tuesday its Nationwide CareMatters Annuity. The product allows clients to make a one-time payment, convert an existing nonqualified annuity or life insurance policy into long-term care coverage, or use a combination of those options.

The product’s guaranteed 3% fixed crediting rate provides guaranteed LTC benefits. According to Nationwide, this process may allow users to receive double or triple their contract value for LTC expenses.

Monthly LTC benefits have no restriction on use, and clients receive 100% of their monthly cash benefit, with no need to submit bills or receipts. They can cover care provided by family and friends and are also payable if the insured resides internationally. If care is not needed, any remaining contract value is available to beneficiaries as a death benefit.

AllianceBernstein Expands Lifetime Income With Fixed Annuity

AllianceBernstein L.P. announced Thursday it will add the option for a fixed-annuity allocation to its Secure Income Portfolio. SIP is currently available within AB’s Lifetime Income Strategy, separately as a collective investment trust, and this expansion will provide an additional version for plan sponsors to consider.

The fixed-annuity guarantee is issued by an insurance company subsidiary of Corebridge Financial Inc. The solution also provides participants with guaranteed retirement income while maintaining access to their savings at any time.

As of September, AllianceBernstein had $860 billion in assets under management.