CINCINNATI–(BUSINESS WIRE)–Great American Life® is pleased to announce the launch of a
new variable-indexed annuity developed in collaboration with Raymond
James. The Index Summit 6℠, which will be offered through financial
institutions, banks and independent broker dealers, is the only annuity
on the market to offer crediting strategies with both upside and
downside participation rates.
The crediting strategies feature a 50% downside participation rate and
current upside participation rates of up to 120% for the first term. For
clients, this combination can mean greater growth opportunity while
assuming only half the risk of index downturns each term.
Additionally, the product’s crediting strategies offer participation in
a variety of market segments with earning potential linked to well-known
indexes and ETFs, including the S&P 500®, iShares U.S.
Real Estate ETF, and iShares MSCI EAFE ETF. Between this opportunity for
diversification and the unique combination of upside potential and
downside protection, this new solution can help mitigate volatility risk
and allow for greater growth potential in today’s increasingly uncertain
The Index Summit 6 also offers a return of premium death benefit, no
annual or recurring charges and an early withdrawal charge schedule that
ends after six years. These features are part of Great American Life’s
commitment to offering transparent products that help clients achieve
their goals with no surprises.
“We are incredibly honored to have worked with Raymond James to create
this new, innovative solution in an increasingly competitive market,”
said Joe Maringer, National Sales Vice President, Great American Life.
“One of our main goals in developing this product was to provide an
alternative to traditionally sold structured investments with the added
benefit of tax deferral. This, coupled with its growth potential and
protection factor, can make the Index Summit 6 an attractive investment
vehicle for growth-focused clients seeking to mitigate market
Tom Layton, Vice President of Product Management at Raymond James,
played a pivotal role in the development of this product.
“While we have seen multiple carriers enter the variable-indexed annuity
market, few have offered products with innovative crediting strategies,”
Layton said. “When Great American asked for our input on potential
products, we proposed this particular interest crediting idea because we
believe it provides incremental value to investors. We were pleased to
see the creation of this product as a result of this collaboration.
Great American has always been a great partner, and the launch of the
Index Summit 6 really takes that partnership to the next level.”
Great American Life Insurance Company® is a member of Great
American Insurance Group® and is rated “A+” by Standard &
Poor’s and “A” (Excellent) by A.M. Best for financial strength and
About Great American Insurance Group
The annuity operations
of Great American Insurance Group (GAIG) offer retirement solutions
through the sale of traditional fixed, fixed-indexed and
variable-indexed annuities in the retail, broker-dealer, financial
institutions and registered investment advisor markets. Annuity
subsidiaries include Great American Life Insurance Company®
and Annuity Investors Life Insurance Company®. GAIG’s roots
go back to 1872 with the founding of its flagship company, Great
American Insurance Company. The members of GAIG are subsidiaries of
American Financial Group, Inc. (AFG). AFG’s common stock is listed and
traded on the New York Stock Exchange under the symbol AFG. AFG is a
Fortune 500 Company with approximately $65 billion in assets. Learn more
S&P rating affirmed March 14, 2019. “A+” is fifth highest of 21
categories. A.M. Best rating affirmed August 17, 2018. “A” (Excellent)
is third highest out of 16 categories.
The Index Summit 6 can only be sold through a Broker/Dealer that is
contracted with Great American Life Insurance Company (“Great American
Life”). Sales solicitations must be accompanied or preceded by a
prospectus. The prospectus contains important information about the
Index Summit 6 annuity and Great American Life. To obtain a copy of the
prospectus, please visit GAIGannuities.com. Read it carefully before you
purchase an Index Summit 6 contract.
Great American Life designed the contract to be a long-term investment
that you can use to help build a retirement nest egg and provide income
for retirement. The limitations, adjustments and charges included in the
contract reflect its long-term nature. All guarantees are subject to the
claims-paying ability of Great American Life. No company other than
Great American Life has any legal responsibility to pay amounts owed
under the contract.
Variable-indexed annuities involve risk of potential loss, which may
include both your original principal and prior earnings, and may not be
suitable for all investors. Great American Life has the right to replace
an index. Products and features may vary by state, and may not be
available in all states.
Withdrawals will reduce the account value, which in turn reduces the
amount payable upon surrender, applied to the annuity payout benefit, or
payable as the death benefit. Withdrawals may be subject to withdrawal
charges. If you withdraw money from an indexed strategy before the end
of a term, it will affect your return for that term and may have a
significant negative effect. If under age 59½, the taxable amount
withdrawn from a qualified or non-qualified annuity is generally subject
to a 10% federal penalty tax.
Great American Life Insurance Company is not an investment adviser and
the information provided in this document is not investment advice,
legal advice, or tax advice. You should consult your investment
professional for advice based on your personal circumstances and
financial situation. You should seek advice on legal or tax questions
based on your particular circumstances from an attorney or tax advisor.
Principal Underwriter/Distributor: Great American Advisors, Inc., member
FINRA and an affiliate of Great American Life Insurance Company.
Products are issued by Great American Life Insurance Company®, member of
Great American Insurance Group (Cincinnati, Ohio) under contract form
P1825218NW, endorsement form E1826318NW, and rider forms R1462416NW and
R1462316NW (not available in Massachusetts). Contract and rider form
numbers may vary by state. © 2019 by Great American Life Insurance
Company. All rights reserved.
For more information about Great American’s
annuity products, contact:
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Great American Insurance Group