For consumers who are looking for greater liquidity while growing their money without concern for market volatility, Great American Life has something to offer. Earlier this week, the Cincinnati based company announced the launch of a new fixed annuity product, the American Freedom ClassicSM 3, according to a recent press release.
The new annuity is offering a fixed interest rate guaranteed for the initial three-year term. At the conclusion of the first term, consumers will have the flexibility to surrender their contract without penalty. If the contract owner should choose to begin a second term, a new interest rate is guaranteed for an additional three years.
The current market environment is suitable for shorter-term solutions, believes Dave Mebius, Great American Life’s National Accounts Director.
“Last year, the S&P 500 hit an all-time high and investors were faced with a flat yield curve. Couple that with the recent extreme market volatility, and you can understand why many consumers are looking for ways to protect their retirement savings. American Freedome Classic 3 brings a level of certainty to financial portfolios with predictable, guaranteed growth that is unaffected by market ups and downs,” Mebius stated.
American Freedom Classic 3 offers the following additional features to help consumers reach their financial goals:
- Safety of principal
- 10% penalty-free withdrawals beginning in the first contract year
- Tax-deferred earnings
- Opportunity to receive lifetime income
Great American Life Insurance Company is a member of the Great American Insurance Group, which is rated “A+” by Standard & Poor’s and “A” (Excellent) by A.M. Best for financial strength and operating performance.
Written by Rachel Summit