As the trade groups that represent the interests of fixed indexed annuity providers challenge the Department of Labor's fiduciary rule in three federal courts, at least one insurance company is adjusting its fixed indexed annuity product lineup.
New York City-based Voya Financial Inc. has rolled out the Voya Quest series of fixed indexed annuities, which includes three new products that feature lower surrender fees than previous products and the option to choose from a five-, seven- or 10-year contract surrender schedule.
Like previous fixed indexed annuity product offerings, the new series of annuities is indexed to the Standard and Poor's 500 and guarantees principal protection. A Guaranteed Living Withdrawal Benefit rider can be purchased at an additional cost for investors seeking a lifetime stream of income.
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