The Principal Financial Group announced the launch of the Principal Deferred Income Annuity Tuesday.
Deferred income annuities (DIAs) have been gaining popularity in recent years as waves of baby boomers begin to retire. Increasingly, retirees and pre-retirees are looking for guaranteed lifetime income to protect against longevity risk.
The Principal Deferred Income Annuity gives customers a flexible premium option while guaranteeing a certain amount of income.
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Customers can start receiving payments anywhere from 13 months to 30 years after the purchase. The deferral period will have a direct impact on the rate of return, potentially giving the client a higher return that other fixed interest rate products available.
DIAs are designed to help retirees transition into the next stage of their lives. For years, individuals depend on a regular paycheck and the goal of a DIA is to duplicate that concept through the process of annuitization
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