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Manulife USA introduces stretch technique for Annuities Boston – Manulife USA announced the introduction of sales tools and support services for use with clients, which enable financial intermediaries to apply the popular stretch technique to its Venture Annuities. A concept similar to stretch IRAs, a stretch annuity helps reduce the tax burden for beneficiaries as assets are passed through generations. Combined with Manulife’s Giving with Strings program, the stretch annuity concept can be a simple and cost-efficient method of designating how and when beneficiaries receive assets, within legal limits. “For those investors who have amassed enough assets for retirement and wish to pass their estate on to beneficiaries, stretch annuities may offer investors everything they could want in an estate planning tool – a flexible strategy that helps provide control over the assets, a potentially lessened tax impact for beneficiaries, and finally, the assurance that their legacies will continue to help provide income for generations,” said Robert T. Cassato, President of Manulife Wood Logan, the marketing and distribution arm of Manulife USA’s Venture Annuity products and Manulife College Savings. “With these sales tools now available, we expect intermediaries, especially those familiar with Stretch IRAs, to quickly embrace this concept and put it to use for their estate planning clients.” A stretch annuity combined with Manulife’s Giving with Strings program helps provide several advantages, such as:
“Because stretch annuities are a multi-generational strategy, intermediaries are presented with an opportunity to stretch their advisory relationships through generations as well,” added Mr. Cassato. Financial advisors interested in learning more about stretch annuities should contact Manulife Wood Logan at 800-334-4437. Individual investors should contact their financial advisor. Those interested in finding out more about Venture Annuities can contact Manulife Financial at 800-344-1029 to obtain a current prospectus that contains more details and all charges, expenses, risk factors and limitations. Please read the prospectus carefully before purchasing, as this product does have fees and expenses associated with it. About Manulife The Manufacturers Life Insurance Company (U.S.A.) (Manulife USA) is committed to offering the highest quality annuity, life insurance, pension, tax-deferred college savings, and separately managed account products to its clients. Its family of products has been built around a powerful combination of investment options chosen with the goal of providing attractive risk-adjusted returns and broad diversification across asset classes, investment styles, and asset managers. With its extensive product lines, competitive underwriting, excellent ratings, and quality customer service, Manulife USA is dedicated to providing quality products designed to help create and preserve wealth for its clients. Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Funds under management by Manulife Financial were US$92.1 billion (Cdn$139.8 billion) as at June 30, 2002. Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com. Venture Combination Fixed and Variable Annuities are not available in all states; product features may vary, subject to state regulation. Annuities are long-term contracts designed for retirement purposes. Withdrawals may be subject to withdrawal charges and will reduce the death benefit and optional benefits. In addition, withdrawals of taxable amounts will be subject to ordinary income tax and, if made prior to age 59½, a 10% IRS penalty tax may apply. The tax related information provided is general information only. Manulife Financial and its subsidiaries do not provide tax advice. For tax advice relating to your particular situation, please consult a tax adviser. Venture Annuities are issued and administered by The Manufacturers Life Insurance Company (U.S.A.), a Bloomfield Hills, MI company with its annuity service office in Boston, MA. Venture Annuities are distributed by Manulife Financial Securities LLC – a member firm of the NASD. Manulife Wood Logan provides sales and marketing support. Annuities are not deposits or obligations of, or guaranteed by, any bank or financial institution. Annuities are not insured by the FDIC or any other agency and are subject to investment risks, including the possible loss of principal. -30- Media Contact: Wendy W. Smith U.S. Communications 617-854-4348 wendy_smith@manulife.com |
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