Hoping to capitalize on Americans’ need for guaranteed retirement income, Northwestern Mutual is making a bigger push into the longevity annuity market.
It will do so by offering products currently available through qualified retirement plans to the retail market.
Northwestern Mutual rolled out two new guaranteed income annuity products in 2012, its Select Portfolio Immediate Income annuity and the Select Portfolio Deferred annuity. Both initially were marketed to target rollover money from 401(k) plans and IRAs.
Now, Northwestern wants to capture more of the annuity market by targeting investors’ personal savings, or significant lump-sums of money resulting from an inheritance, the sale of a home or the sale of a business.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
