Fund Investment Insurance Expanded
May 14, 2001
SunAmerica Mutual Funds of New York has announced that it has expanded its optional Asset Protection Plan term life insurance coverage to include the five SunAmerica Brazos mutual funds which are offered as part of the SunAmerica mutual fund family.
The SunAmerica Asset Protection Plan, which is currently available on all other SunAmerica funds, offers investors a death benefit paid to account beneficiaries that protects the value of the fund investment. The benefit provides for a four percent minimum annual growth rate, up to a 200 percent maximum. The annual insurance cost is 0.20 percent of the value of the assets, plus an initial $25 set-up fee. Insurance premiums are paid through quarterly automatic redemptions.
Similar mutual fund investment term insurance coverage is offered by American Skandia Life Assurance Society of Shelton, Conn., Putnam Investments of Boston and Prudential Insurance Company of Newark, N.J.
The Brazos Funds, which were renamed the SunAmerica Brazos funds last week, are advised by John McStay Investment Counsel of Dallas. In April 1999, SunAmerica's parent company, American International Group of New York, purchased a majority interest in John McStay.