The alliance between American Express Financial Group and SunTrust will enable the American Express Innovation Classic Variable Annuity to gain a wider distribution, the companies said. The annuity features include:
- earning a 1% purchase payment credit as soon as purchase payments equal $100,000 or more
- elimination of surrender charges if the surviving spouse elects to continue the contract
- features to help protect and pass on accumulated wealth to heirs and options that can help offset expenses such as funeral expenditures and federal and state taxes
- investment options from fund families such as American Express, STI Classic Funds, AIM, Franklin Templeton, and Oppenheimer
- flexible payment and transfer rules.