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Security Benefit Life Teams With Bank to Sell Annuity.

Security Benefit Life Insurance Co., Topeka, Kan., has teamed with Fifth Third Bank to market a fixed-annuity product and services. Fifth Third is a $31.6-billion diversified financial-services company based in Cincinnati.

The bank will sell Security Benefit's Provider III Single Premium Fixed Annuity to customers at its nearly 500 banks in Ohio, Kentucky, Indiana, Illinois, Florida, Arizona and Michigan.

The annuity is offered along with Fifth Third's other financial-planning products in bank lobbies or at the bank's Web site, www.53.com.

Security Benefit also will provide training and market assistance for the bank's sales representatives. As of November, the product had a three-year guaranteed interest rate of 6.1% for premiums up to $99.999 and 6.35% for greater amounts. After the three-year guarantee, renewal rates are at the discretion of Security Benefit, but will never be less than 3%. Surrender charges last for six years.

In July, Security Benefit entered a fixed-annuity selling agreement with Regions Investment Co., the investment subsidiary of Alabama-based Regions Bank.

Security Benefit has $547 million in net premiums written and capital and surplus of $516 million through the first half of 1999, according to A.M. Best Co. data.
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Comment:Security Benefit Life Teams With Bank to Sell Annuity.
Publication:Best's Review
Article Type:Brief Article
Geographic Code:1U4KS
Date:Jan 1, 2000
Words:198
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