New rider offers capability to extend retirement revenue yearly for all times
Benefit could offset results of inflation on retirement way of life
Option obtainable now on Ohio National’s ONdex fixed indexed annuity merchandise
CINCINNATI, Oct. 03, 2022 (GLOBE NEWSWIRE) — Ohio National Financial Services, Inc. advances its ONdex fixed indexed annuity merchandise with a brand new rider that ensures revenue progress alternatives in retirement. With the Ion Guaranteed Lifetime Withdrawal Benefit Rider (GLWB) from Ohio National, the annuitant’s revenue will increase yearly no matter market efficiency. This assured progress could assist hold retirement property forward of inflation and will assist retirees keep their lifestyle.
The worth of the Ion GLWB will increase by 6% of its unique worth every year that no withdrawals are made through the first 20 years. After this 20-year interval or in any 12 months the annuitant makes a withdrawal, the Ion will nonetheless develop by 3%. Since revenue relies on the rider’s worth, the annuitant’s revenue will enhance as nicely — yearly for all times — offered withdrawals don’t exceed the quantity allowed underneath the phrases of the rider.
“The new Ion rider makes our ONdex fixed indexed annuity products even more powerful from a retirement income perspective,” stated Jay Bley, senior vice chairman, annuity distribution and gross sales. “Our customers can now get steady, guaranteed growth to support their retirement lifestyle for as long as they live. It’s one more way we can help them meet the future with confidence and peace of mind.”
The Ion is on the market in single life and joint life variations. The single life Ion ensures revenue for the lifetime of the annuitant, the individual upon whose life the contract relies. The joint life model ensures revenue for the lifetime of the annuitant or the annuitant’s partner, whichever is longer
The Ion GLWB for ONdex fixed indexed annuities is on the market now by means of impartial monetary professionals in all states besides NY.
Fixed indexed annuities (“FIA”) are long-term funding autos designed to build up cash on a tax-deferred foundation for retirement functions. Upon retirement, FIAs could present an revenue stream or a lump sum. If you die through the accumulation or payout section, your beneficiary could also be eligible to obtain any remaining Contract Value.
An FIA just isn’t a registered safety or inventory market funding and doesn’t permit direct participation in any inventory or fairness investments, or index. The index used is a value index that tracks market efficiency and doesn’t replicate dividends paid on the underlying shares. Indices are usually unmanaged and usually are not obtainable for direct funding.
FIAs present the potential for curiosity to be credited to the annuity, based mostly partially on the efficiency of the required index, with out the chance of lack of premium resulting from market downturns or fluctuation due to a contractual ground.
Guarantees are based mostly upon the claims-paying capability of The Ohio National Life Insurance Company. Guarantees don’t apply to the funding efficiency of any chosen index.
Product, product options and rider availability differ by state. Certain options could differ by broker-dealer. Issuer not licensed to conduct business in NY.
Early withdrawals or surrenders could also be topic to give up costs. Withdrawals are additionally topic to unusual revenue tax and, if taken previous to age 59½, a ten% federal tax penalty could apply. Tax guidelines require that withdrawals be taken first from any unrealized achieve within the contract. Federal and state tax legal guidelines relevant to this product are topic to alter. You are inspired to seek the advice of your private tax adviser for additional data.
There isn’t any further tax-deferral profit for contracts bought in an IRA or different tax-qualified retirement plans as a result of such retirement plans have already got tax-deferred standing. An annuity ought to solely be bought in an IRA or certified plan when you worth a few of the different options of the annuity and are prepared to incur any further prices related to the annuity.
Neither asset allocation nor diversification assures a achieve or protects towards a loss in declining markets.
About Ohio National
Since 1909, Ohio National has been dedicated to serving to people, households and companies shield what issues most. Through our community of economic professionals throughout 49 states (all besides New York), the District of Columbia and Puerto Rico and thru affiliated operations in South America, we offer the insurance merchandise that assist our policyholders obtain monetary safety and independence. As of December 31, 2021, its affiliated firms have $40.8 billion whole property underneath administration. Products are issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Recognized as a Leader in Workplace Equity by Ellequate. Please discover ohionational.com for extra data and for the most recent firm updates, join with Ohio National on LinkedIn, Facebook and YouTube.
Contact: John Diether
513.794.6073
[email protected]
