Allmerica Financial Life Insurance and Annuity Co. has redesigned its variable annuity product with an eye towards selling it in the bank marketplace.

Select Resource II imposes fewer penalties for withdrawals than its predecessor. Also, the payout is at least 5% of the investment compounded daily or an amount equal to the value of the underlying assets at the point it was highest: the holder's date of death or any anniversary during the life of the contract.

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