Banc One Insurance Group Launches First Ever Annuity Center With AnnuityNet.com.COLUMBUS, Ohio--(BUSINESS WIRE)--Nov. 3, 1999-- Banc One Insurance Group announced today it will launch a first-of-its-kind Annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. Center designed to help online customers meet their retirement planning Retirement financial planning refers to a collection of systems, methods, and processes which, in their aggregate, support a family unit's (client's) desire to achieve a state of financial independence, such that the need to be gainfully employed is optional. goals. The center, powered by AnnuityNet.com and located on the BankOne.com web site, will feature educational information, interactive tools and access to a quality 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. product. As more people venture onto the Internet to manage their finances, Banc One Insurance Group has sought to round out its offering to include direct access to annuity products. Annuities purchased online offer significant cost savings. Investors pay no current income tax on an annuity until they withdraw the money. Additionally, annuities require no 1099s and no current income tax reporting. "Annuities continue to be valuable retirement planning tools," said Glen Milesko, president and chief executive officer of Banc One Insurance Group. "The Annuity Center is a natural next step as Banc One Insurance Group expands its online insurance and annuity opportunities. We are excited about this new relationship with AnnuityNet.com." As the new center evolves to add additional fixed and variable annuity products, investors will be able to learn more about annuities, compare products from a variety of companies and continue to purchase products online. After making a purchase, customers will have online access to their accounts and may make online transfers 24 hours a day, seven days a week. AnnuityNet.com is the first and only online storefront A store on the Internet that offers items for sale and is capable of handling the financial transaction online. See cybermall and digital money. to offer access to variable annuity investments. Launched nearly a year ago, the site creators harnessed the power of e-commerce to cut costs, give investors more control over their retirement planning and make annuities simpler to buy and understand. "The tide is shifting in the annuity industry," said Shane Chalke, president and creator of AnnuityNet.com. "Direct access makes annuities a much smarter option for today's savvy investor and leaders like Banc One Insurance Group are helping bring them to the marketplace through an online customized Annuity Center." Based in Leesburg, Va., AnnuityNet.com is the first company to reengineer variable annuities Variable annuities Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. for sale directly through the Internet. Banc One Insurance Group provides a full range of insurance products including annuities, term life insurance, permanent life insurance, credit life insurance, mortgage life insurance, accidental death and dismemberment insurance Accidental death and dismemberment insurance (also known as AD&D) covers death or dismemberment as a result of an accident. In contrast to life insurance, AD&D generally would not pay survivor benefits in the case of death by illness. , long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. insurance, disability insurance, and property and casualty insurance. Bank One Corporation also owns several other corporations, which engage in a full range of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . Information about Bank One's financial services may be obtained on the Internet at www.bankone.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion