Fifth Third Bancorp of Cincinnati and Security Benefit Life Insurance Co. of Topeka, Kan., have a partnership to sell a fixed annuity product in Fifth Third's branches.
The Provider III single-premium annuity, unveiled last month, has a three-year guaranteed interest rate of 6.1% for premium payments up to $99,999 and 6.35% for premium payments of $100,000 or more. Renewal rates are guaranteed to be at least 3% but have not been set by Security Benefit.
The insurer also is to train and give marketing help to Fifth Third salespeople.
Kevin Kilberry, vice president of financial institution sales, said Security Benefit is seeking to expand its bank distribution channel. In July it signed an agreement to sell fixed annuities in the branches of Regions Financial Corp. of Birmingham, Ala.
-- Amy L. Anderson