New solution will provide income benefit to Americans to help offset a reduction in their Social Security benefits
SCOTTSDALE, AZ, September 21, 2021 — Annexus, the leading independent product design and distribution company of fixed indexed annuities (FIAs) and indexed universal life insurance policies, and PlanGap, a financial product innovation company pioneering Social Security protection, have announced a strategic partnership. The partnership provides Annexus exclusive rights to add a patent pending PlanGap® feature to its fixed indexed annuities that will provide a benefit to clients if their Social Security is reduced.
The newly-released 2021 Social Security Trustees Report highlights the dire condition of the Social Security Trust Fund and the need for a better solution as funds continue to deteriorate. By 2033, the payroll taxes collected are projected to pay only about 76 percent of scheduled benefits. Social Security Statements will note that benefit amounts may be reduced because of this projected funding shortfall.
“Seventy percent of clients are saying they don’t believe they will receive full benefits. Through our new partnership with PlanGap, we will be providing a solution for financial advisors to help their clients in the event that Social Security benefits are reduced.”
“PlanGap is committed to partnering with market leaders to get our Social Security protection solutions into the hands of premier advisors and their clients,” said David Duley, PlanGap’s founder and CEO. “We couldn’t ask for a better partner than Annexus.”
Annexus plans to announce insurance carrier and investment bank partners and launch this next generation fixed indexed annuity in early fourth quarter 2021.
Annexus designs solutions to help Americans grow and protect their retirement savings. For the last 15 years, Annexus has developed market-leading fixed index annuities and indexed universal life insurance products. Annexus has forged relationships with many of the industry’s leading insurance carriers, the world’s largest investment banks and asset managers. Find out more about Annexus and its products at www.annexus.com.
Headquartered in Atlanta and founded in 2017, PlanGap is a product innovation company creating a suite of “trigger-based” annuity and life insurance products – retirement insurance – that solve previously unaddressed financial concerns for retirees. PlanGap, through its collaboration with market leading insurance carriers and distribution partners, empowers people to protect themselves against disruptions to their retirement income, providing solutions for those worried that institutions have made retirement promises they cannot, or will not, keep. Visit plangap.con for more information.
Annexus Public Relations