There is big news for Allstate customers who were disappointed earlier this year they announced that they would no longer be selling their fixed annuities. By the end of this year, Allstate will no longer sell their Growth and Income Protector, Income Ready, or RightFit annuities. When the company made their announcement, they did say that they would continue offering annuities through partnerships with other companies. The time has come for their first alliance. In the Marketwatch press release, “Allstate, ING U.S. Announce Strategic Alliance to Offer ING U.S. Fixed Annuities to Allstate Customers,” we learn that Allstate will now be offering their customers a range of fixed annuities from ING. These products are issued by ING USA Annuity and Life Insurance Company as well as ING Life Insurance and Annuity Company.
Allstate’s president and CEO says that they chose ING because their brand and finances are both strong, they are leaders in the annuity industry, and their fixed annuities complement Allstate’s brand and products. ING is excited to bring their strong fixed annuity products to a wider range of consumers through Allstate. They are committed to providing lifetime income to consumers’ financial plans and securing the retirement of Americans. Both companies offer their customers a plethora of retirement savings options. Allstate also offers annuity products from other insurance carriers as well. This allows them to focus on their brand and turn to the annuity specialists to offer their customers annuities from the top annuity companies.
The first ING USA fixed annuities Allstate will offer are available at the start of the new year. The ING single premium immediate annuity (ING SPIA) offers consumers an immediate lifetime income stream that addresses their longevity risk. There are options for different payout periods as well as the possibility to add a minimum payout period or a survivor payout. ING’s Secure Index fixed indexed annuity is a series of indexed annuities that offer principal protection along with interest crediting and guaranteed income through annuitization. There are a lot of choices when it comes to an accumulation strategy. These options can be combined and changed annually to fit your individual accumulation goals. Finally, Allstate will offer ING’s Lifetime Income deferred fixed annuity. With this annuity, you have flexibility with the start date that you will receive income payments. Your guaranteed minimum withdrawal benefit has the potential to grow while you defer income payments though.
This alliance between Allstate and ING U.S. looks to be a good partnership for both companies. It will also add more retirement choices to consumers already working with Allstate. If you have any questions about fixed annuities, speak with a financial expert to see if they will fit into your retirement plan.
Written by Rachel Summit