Constance described as “lifetime income protection for mutual funds and ETFs”
Cyril Tuohy wrote up a thorough, digestible explainer on the release of RetireOne and Midland National’s new contingent deferred annuity for Life Annuity Specialist. The article covers Constance’s primary benefits, the fee structure (and the fact that the cost is flat and may not increase over time), how it pays out over the life of the certificate owner, and more. This quote encapsulates the basic idea well:
The annuity benefit is linked to a benefit base that’s tied to an investment account owned and controlled by the account holder, not the insurer. Constance allows registered investment advisors to buy lifetime income protection for mutual funds and exchange-traded funds kept in a brokerage account, individual retirement accounts, or Roth IRAs, Stone said.
The article even covers a hypothetical scenario and finishes up by highlighting the fact that Constance can be cancelled with no penalty. It’s a quick read, but very informative.