May 14, 2013
Nationwide Financial Introduces New Low Cost VA, Nationwide Destination Architect 2.0
Nationwide Lifetime Income Track introduced as optional GLWB rider
Columbus, Ohio - For cost-conscious advisors and clients, Nationwide Financial introduced today Nationwide DestinationSM Architect 2.0, a low-cost, advisory based variable annuity. The company also introduced Nationwide Lifetime Income TrackSM (Lifetime Income TrackSM), an optional Guaranteed Lifetime Withdrawal Benefit (GLWB) rider available for an additional cost with Nationwide Destination Architect for clients who want guaranteed lifetime withdrawals in retirement.
“This product will appeal primarily to fee-based advisors who may have been reluctant to sell VAs in the past based on cost,” said Eric Henderson, senior vice president of Life Insurance and Annuities for Nationwide. “To accomplish this, we built upon the strongest features of an existing product, the Nationwide Income Architect® annuity, by enhancing spousal and death benefits and separating the living benefit into an optional rider.”
Features of Nationwide Destination Architect include:
- No surrender charges
- A One-Year Enhanced Death Benefit rider (available for an additional cost)
- Spousal Protection Feature (SPF), available at no additional cost on all death benefit options
- Over 100 investment options when Lifetime Income Track is not elected
The Lifetime Income Track optional GLWB rider includes features, such as:
- Guaranteed lifetime income without annuitization
- An annual step-up feature on the income benefit base
- A Joint Option, available for an additional cost, that allows income payments to continue for the contract owner’s spouse
- Lifetime withdrawal percentages based on the owner’s age and rider duration
- Underlying Investment options with a maximum equity exposure of 70 percent (80 percent via managed volatility investment options) and a minimum equity exposure of 40 percent
- A Non-Lifetime Withdrawal feature, which does not lock in the lifetime withdrawal percentage or impact the ability to qualify for higher lifetime withdrawal percentages.1
Nationwide Destination Architect will replace Nationwide Income Architect, which will no longer be available as of May 1, 2013 or upon state approval.
Financial advisors interested in more information about Nationwide Destination Architect and Lifetime Income Track can contact Nationwide at 1-800-321-6064. Consumers should ask their financial advisor about how Nationwide can help provide guaranteed income in retirement.
Nationwide, 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 A.M. Best. The company provides a full range of personalized insurance and financial services, including auto insurance, motorcycle, boat, homeowners, life insurance, farm, commercial insurance, administrative services, annuities, mortgages, mutual funds, pensions, long-term savings plans and health and productivity services. For more information, visit www.nationwide.com.