American Skandia Offers New Yorkers Variable Annuity Enhancements; Flexible Products Growing in Popularity.Business Editors SHELTON, Conn.--(BUSINESS WIRE)--June 17, 2002 American Skandia Life Assurance Corporation ("ASLAC ASLAC Advanced Subscriber Line Audio Processing Interface ASLAC Advanced Subscriber Line Audio Controller ") is launching APEX apex (a´peks) pl. apexes, a´pices [L.] tip; the pointed end of a conical part; the top of a body, organ, or part.ap´ical apex of lung the rounded upper extremity of either lung. II(SM) NY, a new deferred variable annuity Variable Annuity An insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio. available in the state of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , designed for investors who may need complete liquidity in a shorter period of time than traditional variable annuities Variable annuities Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. offer. APEX II NY features a one-time death benefit step-up opportunity for the investor any time after the fourth contract anniversary, along with all the core benefits of a variable annuity, plus a short-term (four-year) Contingent Deferred Sales Charge Contingent deferred sales charge (CDSC) The formal name for the load of a back-end load fund. contingent deferred sales charge A mutual fund redemption fee that is reduced or eliminated for specified holding periods. . ASLAC is also launching XTra Credit FOUR(SM) NY, a deferred variable annuity that can help investors get a jumpstart on their retirement savings. XTra Credit FOUR replaces the existing XTra Credit NY product, and offers a 4% up-front Purchase Credit on most payments. "These products prove American Skandia's continuing commitment to deliver highly competitive alternatives for investors," said Jac Herschler, Vice President of Variable Annuity Marketing for American Skandia. "Variable annuity products that offer investors complete liquidity after just four years have been gaining increasing popularity over the last two years. APEX II NY brings this product design, along with American Skandia's wide choice of investment options, to New York annuity investors." Patricia J. Abram, Chief Marketing Officer for American Skandia, said: "Investment Professionals are always looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. more flexible products that offer alternatives for investors saving for retirement. Both these products are unique to a particular set of needs and provide tremendous investor value. We've strengthened our sales force in recent months and are very pleased to bring these new variable annuity offerings to New York State, where our seasoned wholesalers will now be able to bring additional value." The two New York products complement other variable annuity products offered in New York State by American Skandia Life Assurance Corporation. Variable annuities and variable life insurance are issued by American Skandia Life Assurance Corporation and distributed by American Skandia Marketing, Inc. Both companies are located at One Corporate Drive, Shelton, Connecticut Shelton is a city in Fairfield County, Connecticut, United States. History Origins The town was split off from Stratford in 1789, as Huntington (named for Samuel Huntington). 06484. Call 1-800-SKANDIA for a prospectus containing more complete information on charges, expenses and tax consequences, and details concerning the XTra Credit and its possible recovery. It should be read carefully before you invest or send money. Information about the company and its products can also be found on the company Web site at www.americanskandia.com. |
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