New Aviva Product Target Benefit and Target Horizon – Nursing Home Tripler

Aviva, who was recently purchased by Athene, has come out with a new product.  Aviva revolutionized the industry when they came out with their 7.2% compound rider and nursing home doubler year back.  Every other carrier has now copied their income rider model and Aviva has become less and less competitive.  Until now.

Aviva has just released a new series of products, their first since the LSA series.  The product has two names, the TargetBenefit and the TargetHorizon. Both products are the exact same, but are just sold under different distribution channels. The product series has two versions, a 10 year and a 15 year.  The 15 year product offers a larger bonus as well as higher caps and lower spreads.

As we see it, there are three features that will give this product some legs:

  1. Aviva has replaced the nursing home doubler with the nursing home tripler.  Just as this sounds, on the income benefit, should the annuitant (or joint) enter a nursing home the income would triple.  You can even apply this benefit to Qualified money.
  2. Uncapped indexing with 100% participation rate, both using 1 year and 5 year strategies,  using a derivative of the S&P500
  3. An income benefit that works more like a defined benefits plan than an income rider.

You can read up more about the product on the official brochure or reach out to the Retirement Think Tank team for details

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