Vanguard Unveils Fixed Annuity

February 19, 2002 ( - Mutual fund giant The Vanguard Group announced its latest annuity offering, the Vanguard Single 5 fixed annuity.

Underwritten by Jefferson Pilot LifeAmerica Insurance Company, the product offers a tax-deferred option with a guaranteed rate of return for five years and annual fixed interest rates after that, Vanguard said in its announcement. Vanguard has offered a variable annuity since 1991.

The new product could appeal to investors looking to add tax-deferred savings as well to those looking for a more conservative alternative to a variable annuity instrument, the company said.