U.S. Bancorp is offering its customers a new annuity product issued by a subsidiary of Conseco Inc.
Western National Life Insurance Company's SBDA 11 single-premium deferred annuity should become the best selling annuity in the bank's line-up, said Jeffrey T. Grubb, president of U.S. Bank Insurance Agency, a U.S. Bank of Oregon unit.
The Portland, Oregon-based bank holding company has offered annuities through its banks since 1989.
Mr. Grubb explained that the annuity is competitively priced and should be favored by customers of the banks that will market it: U.S. Bank of California, U.S. Bank of Washington and U.S. Bank of Oregon.
The annuity was designed spefically for bank customers and is not available through nonbanks.
About 300 licensed insurance representatives will sell the product through 400 branches.
In September, U.S. Bancorp. launched the product in northern California, Washington state and Oregon.
Conseco is based in Carmel, Ind.
