Big ‘I’ and Trusted Choice® Launch Guaranteed Income Program
New platform offers independent agents lifetime income annuity product to better serve clients.
ALEXANDRIA, VA, November 20, 2020 — The Big "I" and Trusted Choice® are pleased to announce the launch of the Guaranteed Income Program in partnership with the Nationwide Life Insurance Company and the Principal Financial Group®.
The new platform provides a freshly developed set of products designed to help Trusted Choice independent insurance agents better serve their clients. With nearly 10,000 baby boomers reaching retirement age each day, independent agents are uniquely positioned to help these individuals and families by offering guaranteed lifetime income products to meet their need for predictable monthly income in retirement.
“Lifetime income annuities are a great way for independent agents to help their clients plan for the potential risk of outliving their retirement savings,” says Robert Holt, Big “I” vice president of life and annuity business development. “Preparing for longevity risk allows the client to plan for monthly guaranteed income while avoiding the possibility of volatile market fluctuations or simply running out of savings.”
Two types of products will be available on the platform: single-premium immediate annuities and multi-year income annuities. Both products can provide tax-deferral and competitive interest rate returns.
“Lifetime income annuities are growing in importance, especially as the pandemic is driving uncertainty, pensions are on the decline and systemic shifts place greater responsibility—and greater pressure—on individuals to fund their own retirement,” said Craig Hawley, head of Nationwide’s Annuity Distribution, Nationwide Financial. “In fact, our 2020 Advisor Authority study shows that more than two-thirds of millennial and Gen X investors are likely to include an annuity as part of their holistic plan to protect against outliving their savings—and roughly two-thirds also say that an annuity would help them feel more secure about their retirement.”
“Principal® is excited to partner with Trusted Choice and its independent insurance agents to help individuals achieve retirement security,” says Sara Wiener, assistant vice president of retirement and income solutions for Principal. “Our research shows that retirees are more confident and happier when there’s certainty regarding their monthly income in retirement, and they’re less concerned about market volatility. Since uncertainty is part of life, providing a source of guaranteed income to cover essential expenses is one measure that can be taken to help promote financial security today and in the future.”
“When Trusted Choice began work on this initiative, we knew it would be vitally important to marry our strong carrier partnerships with a best-in-class annuity platform and, most importantly, top-notch agent training,” says Kevin Brandt, executive director of Trusted Choice. “This partnership with Nationwide and Principal brings unique product offerings from two industry leaders. We look forward to this partnership equipping Trusted Choice agents to further their role as trusted advisors to their clients’ changing needs.”
The platform became available Nov. 20, for Trusted Choice independent agents.
About the Big "I"
Founded in 1896, the Independent Insurance Agents & Brokers of America (the Big “I”) is the nation’s oldest and largest national association of independent insurance agents and brokers, representing more than 25,000 agency locations united under the Trusted Choice brand. Trusted Choice independent agents offer consumers all types of insurance—property, casualty, life, health, employee benefit plans and retirement products—from a variety of insurance companies.
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty, and surety; pet, motorcycle, and boat insurance. For more information, visit Nationwide. Follow us on Facebook and Twitter.
Principal® helps people and companies around the world build, protect, and advance their financial well-being through retirement, insurance, and asset management solutions that fit their lives. Our employees are passionate about helping clients of all income and portfolio sizes achieve their goals—offering innovative ideas, investment expertise, and real-life solutions to make financial progress possible. To find out more, visit us at Principal.
Annuities are issued by Principal Life Insurance Company. Securities offered through Principal Securities, Inc., 800-852-4450, member SIPC and/or independent broker-dealers. Principal Life and Principal Securities are members of the Principal Financial Group®, Des Moines, Iowa 50392.
Principal, Principal, and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.