NORTHBROOK, Ill., July 31 /PRNewswire/ -- Glenbrook Life and Annuity
Company, a member of Allstate Financial Group, which is the number 3* variable
annuity writer among banks in the nation, decided last year to preempt the
competition by asking producers what they wanted to sell in a variable
annuity. "We went out to our sales reps and told them we were developing a
new variable annuity, and asked them to design it," said Rob Shore, senior
vice president, Glenbrook Life.
The result, Glenbrook Provider Ultra, the first in a suite of three
variable annuity products with an accompanying Standard and Poor's asset
allocation tool, is fully equipped with the latest features and benefits that
both producers and their customers want today.
What the producers told Glenbrook they wanted, and the company is
providing, are:
-- More and better fund family choices. The Glenbrook Provider Ultra
offers variable investment options from many of the most popular
investment managers available to investors: AIM Advisors Inc., The
Dreyfus Corporation, Fidelity Investments(R), Franklin(R) Templeton(R)
Investments, Goldman Sachs, MFS Investment Management(R), Morgan
Stanley Asset Management and OppenheimerFunds, Inc.
-- The Enhanced Earnings Death Benefit rider, designed to help
beneficiaries offset taxes that may result if the owner dies prior to
the receipt of income payments.
-- Add-a-rider feature, which enables consumers to add the Enhanced
Earnings Death Benefit and other available riders to the Glenbrook
Provider Ultra at the time of purchase or almost any time
thereafter. **
-- Spousal step-up feature, which enables a spousal beneficiary to
continue a contract on the death of the owner for a cash value equal to
the death benefit amount.
-- A range of commission options, including one upfront option and four
with different trail features.
-- Easy to use, client-friendly sales literature. Glenbrook Provider Ultra
includes a unique sales track presentation piece.
"We understand that producers have to be consumer-centric, but that means
we must be both consumer- and producer-centric in order to dominate the
variable annuity marketplace," Shore explained.
To help customers make more prudent investment decisions, the Glenbrook
Provider Ultra includes a newly developed asset allocation tool designed by
Standard & Poor's that helps investors identify acceptable risks and rewards
based on their anticipated needs, Shore said. "Financial representatives use
an evaluation checklist to identify an investor's risk tolerance, time horizon
and investment goals. This tool assists both clients and sales reps in
determining the right subaccounts to meet their needs."
This tool can also be used with two new variable annuities that Glenbrook
expects to introduce later this year, a bonus product and a level-load
product.
For more than a decade Glenbrook Life and Annuity Company has been a
premier provider of fixed and variable annuities and life insurance products.
The full line of Glenbrook's financial products is sold through financial
institutions across the country and is backed by the impressive service and
financial stability synonymous with Allstate Life Insurance Company,
Glenbrook's parent company.
Allstate Financial Group is a business unit of The Allstate Corporation
(NYSE: ALL), representing the affiliates that provide life insurance,
retirement, investment and health and disability insurance products. Widely
known through its "You're In Good Hands With Allstate(R)" slogan, Allstate
Financial helps its customers achieve a secure financial future with a broad
array of retirement solutions. Allstate Financial is also a premier provider
of variable annuities and offers long-term care insurance. In addition,
through workplace marketing, Allstate Financial offers life, health and
disability insurance through employee payroll deductions. Customers can
access Allstate Financial products and services through approximately 60,000
financial professionals, including Allstate agents, independent agents, and
banks and securities firms.
*Based on 2000 year-end sales as compiled by Ken Kehrer Associates.
**The Income Benefit and Enhanced Earnings Death Benefit rider can be
purchased up to age 75 and the Enhanced Death Benefit rider up to age 80.
SOURCE Allstate Financial Group
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CONTACT:
Laura Margolis of Allstate Financial Group,
+1-847-402-5600
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