Dubbed as ‘Principal Pivot Series’, the new product provides clients with the flexibility of investments, tax deferral, death benefit protection and the opportunity to transfer from accumulation to income.
According to the company, clients can get the benefit of tax deferral for non-qualified assets, which can allow the value of an annuity to potentially grow faster than that of a comparable taxable investment.
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The Principal retirement and investor services senior vice president Jerry Patterson said: "At The Principal, we are passionate about helping people transition into retirement in a way that is unique and customized to fit their personal goals.
"Principal Pivot Series is unique in its flexibility to help clients grow savings during working years, protect their assets by purchasing deferred guaranteed income and receive access to their money when they need it.
"The optional death benefits available give clients the opportunity to provide additional protection for beneficiaries in the event of death."
The Principal Pivot Series gives clients three investment approaches, apart from a diverse investment platform.
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By GlobalDataIt offers personalized strategy for clients who prefer to create a fully-customizable investment portfolio based on their investment objectives. Moreover, it delivers a guided strategy for those who want guidance on which investments to choose that meet their risk profile and investment objectives.
Finally, the product caters asset allocation strategy for those who want a managed approach to investing and diversification that includes a mix of stocks, bonds and other investment options.
