December 5, 2023
INCOME Promise Select (SPIA)
available in New York
INCOME Promise Select® is now available to sell in NY.
On November 13, 2023, Nationwide® announced that our INCOME Promise Select immediate annuity reopened to new sales in the state of New York. Nationwide® is proud of its commitment to the immediate annuity space and strives to provide a full range of guaranteed income options to fit your clients’ specific needs.
Now in New York:
- The liquidity feature will not be available.
- Non-assignability remains restricted therefore INCOME Promise Select cannot meet Medicaid requirements
Also, check out our new INCOME Promise Select Quick Estimator to get a preliminary look at how much income our immediate annuity could offer your clients.
Reg 60 Operational Changes for Replacement Business Only
If a deferred annuity is being replaced, financial professionals are strongly encouraged to submit a deferred annuitization quote that is the closest available option to the proposed immediate annuity. This will be a significant help and potential time saver with the comparison.
Nationwide cannot make the determination on what is considered the ‘closest available income option’ and must rely on the replaced carrier. Nationwide will not populate the disclosure statement with hypothetical values.
Use this Immediate Annuity Dos and Don’ts for detailed information regarding Immediate Annuity Regulation 60 replacements.
1 (800) 772-6881 x7731 | firstname.lastname@example.org