is opening its variable annuity products to investments from college savers. The Boston-based insurer has signed with the Savings And Growth for Education (SAGE) College Tuition Rewards Program as a way to distribute its annuity products.
The insurer will be the exclusive variable annuity provider to the program.
SAGE is a venture that enables program members to earn tuition "rewards" at roughly 150 colleges by investing with participating firms. Savers can redeem those rewards to reduce tuition for member students at participating private colleges. Going forward, ManuLife will offer its annuities as part of the SAGE program.
"Manulife USA is always looking for new opportunities to add value for our annuity customers," said Jim Boyle, president of U.S. Individual Wealth Management at Manulife USA. "We know that saving for retirement and children's college educations are two of the primary concerns of most Americans. Through our participation in the SAGE program, Manulife USA is encouraging our Venture Annuity contract owners to begin a conversation with their financial consultants about college savings and to get a head start on the process of preparing for the educational futures of their loved ones."
Manulife's SAGE Account Holders will accrue rewards based on the amount of their eligible investments and the length of their SAGE membership, according to ManuLife officials. Contract owners are also able to divide the rewards among multiple children, grandchildren, or other relatives.
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