Batesville Herald Tribune, Batesville, Indiana


March 2, 2012

Forethought rolls out new fixed annuity

BATESVILLE — Leaders at Forethought Financial Group Inc. announced the rollout of an exciting new single premium fixed annuity that will be offered exclusively through banks and other financial institutions.

This product, ForeCare Fixed Annuity, will give individuals more advantages and choices to address potential long-term care needs than a traditional fixed annuity, said marketing director Lisa Nordhoff.

Since certain provisions of the Pension Protection Act went into effect in 2010, there are now tax benefits attached to hybrid products like ForeCare. Growth on funds earmarked to pay for qualified long-term care expenses are available tax free if they are linked to a tax-qualified hybrid annuity.

“Financial professionals have been asking for products other than traditional long-term care insurance, to help their clients use their own savings more efficiently when planning for the potential expenses associated with long-term care,” said Paula Nelson, Forethought Distributors president.

“Annuities that offer these types of benefits could be the next big wave of opportunity in banks. According to a 2009 Consumer Gallup poll, when asked why they bought their annuity, approximately 70 percent of annuity owners said it was to be used as a savings nest egg in the event they needed it to pay for long-term care expenses.”

ForeCare’s unique features include a simplified point-of-sale health screening and approval process. The product will be made available on AnnuityNet from EbixExchange.

ForeCare’s tax-qualified Rider for Long-Term Care Benefits offers a multiplier of either two or three times the amount of the policy value at the time of claim. There is no waiting period and the cost for the rider cannot change once purchased.

Nordhoff noted, “ForeCare is a simple solution that blends the guarantees of a fixed annuity with the security and tax advantages of a long-term care rider. It is an attractive alternative to traditional long-term care insurance or self-funding options for individuals looking to mitigate the potential financial impact of long-term care expenses due to illness or disability.”

Forethought Financial Group Inc., with offices in Batesville, Indianapolis and Houston,  is a diversified financial services company providing insurance and financial products across the U.S. for those planning for retirement and end-of-life needs.

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