Safeco Launches Variable Annuity Marketed by Advisers.Safeco Life & Investments, Seattle, has expanded its Spinnaker family of variable annuities Variable annuities Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. with Spinnaker Advisor, a product tailored to registered investment advisers, professionals who manage the assets of individual clients. To start, Safeco will pay a bonus of 50 basis points gross dealer compensation on all sales before June 1. The bonus is in addition to the 1% upfront gross dealer commission and 1% annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. trail after the 13th month. The product carries no charges at the time of purchase, no surrender fees Surrender Fee A charge levied against an investor for the early withdrawal of funds from an insurance or annuity contract, or for the cancellation of the agreement. Surrender fees act as an economic incentive for investors to maintain their contract, and they allow the insurance , no contingent deferred sales charges 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. and no annual contract administrative charge. The annual mortality and expense charge is 1.25%, and there is an annual asset-related administrative charge of 0.2% based on account balances in the variable portfolios. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion