January 14, 2013
Nationwide Introduces Enhanced Spousal Payouts For The Nationwide Lifetime Income Rider
Income guarantee and unique death benefit provide two layers of protection for married couples
Columbus, Ohio - As married couples work with advisors to address the retirement income challenge and the reality that one spouse will likely outlive the other, there is growing demand for income guarantees for both spouses. Nationwide Financial continues to enhance its suite of products and features to help advisors provide retirement security for both spouses. The company announced today an increase in joint payout rates for The Nationwide Lifetime Income Rider® (Nationwide L.inc) on its Nationwide Destinationsm Series 2.0 variable annuities.
Lifetime payout rates for Nationwide L.inc with joint option will increase by 0.25 percent for most age bands, meaning payouts for someone starting income at age 65 will be 4.75 percent instead of 4.5 percent.
“Too many couples make the mistake of inadequately Nationwide L.inc planning for the Income Replacement needs of surviving spouses,” said Eric Henderson, senior vice president of Life Insurance and Annuities for Nationwide Financial. “We believe clients want peace of mind, knowing that both spouses will have the retirement income they need, regardless of which one passes away first.”
In addition to Nationwide L.inc with the joint option, Nationwide’s Spousal Protection Feature delivers a guaranteed death benefit covering either spouse, regardless of who passes away first, even on IRAs where there's a single owner.
“When you combine this increase in our joint payout rates with Nationwide L.inc’s seven percent simple interest roll-up, you get one of the best lifetime income guarantees in the industry for married couples,” Henderson said. “Add to that the unique Spousal Protection Feature we offer with our death benefits, and married clients can enhance their Income Replacement plan with two layers of protection.”
Nationwide Mutual Insurance Company, based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by both A.M. Best and Standard & Poor’s. The company provides customers a full range of insurance and financial services, including auto insurance, motorcycle, boat, homeowners, pet, life insurance, farm, commercial insurance, annuities, mortgages, mutual funds, pensions, long-term savings plans and specialty health services. For more information, visit www.nationwide.com.