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From Security Benefit

ClearLine is a fixed index annuity (FIA) designed to provide market participation with no market downside and—if used for income—an exclusion ratio on living benefit withdrawals. It also features an exclusive volatility control index designed by Avantis Investors.

The Market1

In 2021, fixed index annuity sales reached $63.7B, a 15% increase from 2020.  Improved interest rates and product innovation around cap rates helped make these products more attractive to advisors and clients alike. FIAs remain a highly popular product for investors seeking market growth with complete principal protection and the ability to add guaranteed lifetime income through a rider. As more investors seek ways to combat inflation, FIA popularity is only expected to increase.

Why DPL Likes ClearLine

The ClearLine annuity is now available with no surrender charge. It also features the Avantis Barclays Volatility Control ("VC") Index, exclusively available within ClearLine. Designed by Eduardo Repetto and Pat Keating (formerly of Dimensional Fund Advisors), this U.S. equity index seeks to deliver higher expected returns with lower volatility. This index is unique in that it is a first-of-its-kind solution designed for RIAs within the FIA structure. Because it's built around an excess return option rather than a price return, this may translate to better crediting opportunities within the FIA.

How to Think About Commission-Free FIAs

One advantage of utilizing FIAs is to leverage the scale of insurance carriers to deliver strong pricing in a packaged product, making it comparatively easy to implement, while also getting guaranteed downside market protection from the carrier.

Many FIAs offer optional guaranteed lifetime income riders for an additional cost. While guaranteed income payout options from FIAs are generally a bit lower than a single premium immediate annuity (SPIA), they generally have greater liquidity and flexibility.

When your client needs:

PRINCIPAL PROTECTION: With the principal protection from market risk provided by FIAs, they should be considered for clients nearing or in retirement to help mitigate sequence of returns risk.

FIXED INCOME: FIAs can be viewed as a fixed income replacement as client portfolios are de-risked from equities. They provide sequence of returns protection for those entering or in retirement, with an overall return above 6%, based on historic averages.2

GUARANTEED LIFETIME INCOME: FIAs can be used to generate guaranteed lifetime income with allocation flexibility and liquidity.3

What's Next?

Learn more about how ClearLine can make a difference for your clients. Use our calculator or contact your DPL consultant.

Product information sourced from

12021 Annuity Sales Highest In 13 Years, LIMRA Reports (2/2022)

2Fixed Indexed Annuities as a Fixed Income Alternative for Near-Retirees, Wade Pfau. (5/2019)

3FIAs may be subject to surrender charges, market value adjustment, and taxation for early withdrawals


Fixed indexed annuities are contracts purchased from a life insurance company that are designed for long-term retirement goals.

While the interest rate credited to an indexed account is linked to the performance of an underlying index, premium payments made to a fixed index annuity are never directly invested in the stock market.

All guarantees are based on the financial strength and claims-paying ability of the issuing insurance company.

The purchase of an annuity within a retirement plan that already provides tax deferral under sections of the Internal Revenue Code results in no additional tax benefits. An annuity should be used to fund a qualified plan based upon the annuity’s features other than tax deferral. All annuity features, risks, limitations, and costs should be considered prior to recommending the purchase of an annuity within a tax-qualified retirement plan.

Guarantees provided by annuities are subject to the financial strength of the issuing insurance company. Annuities are not FDIC or NCUA/NCUSIF insured; are not obligations or deposits of, and are not guaranteed or underwritten by any bank, savings and loan or credit union, or its affiliates; and are unrelated to and not a condition of the provision or term of any banking service or activity.

Please refer to Security Benefit Life Insurance Company’s “Annuity Guidelines For Investment Advisers Not Holding Insurance Licenses” for information about what such advisers are permitted to do with respect to annuities.

ClearLine Annuity, in most states form ICC18 5500 (9-18), a single premium, deferred fixed index annuity contract, is issued by SBL. The Rising Income Rider, in most states form ICC18 5520 (9-18), an optional rider available for purchase with the ClearLine Annuity for which a charge applies, is issued by SBL. Product features, limitations, and availability may vary by state. Not available in all states. Not a deposit. Not insured by any federal agency.

Fixed index annuities are not stock market investments and do not directly participate in any stock or equity investments. Unless stated otherwise, market Indices do not include dividends paid on the underlying stocks, and therefore do not reflect the total return of the underlying stocks; neither an index nor any market index annuity is comparable to a direct investment in the equity markets. Clients who purchase index annuities are not directly investing in a stock market index.

Neither Security Benefit nor its affiliates are related to DPL.

Neither Barclays Bank PLC (“BB PLC”) nor any of its affiliates (collectively, “Barclays”) is the issuer or producer of the ClearLine Fixed Index Annuity (the “Product”) and Barclays has no responsibilities, obligations or duties to purchasers of the Product. The Avantis Barclays Volatility Control Index (the “Index”), including as applicable any component indices that form part of the Index, is a trademark owned by Barclays and licensed for use by Security Benefit Life Insurance Company (“Security Benefit”) as the issuer or producer of the Product (the “Issuer”).

Barclays’ only relationship with the Issuer in respect of the Index is the licensing of the Index, which is administered, compiled and published by BB PLC in its role as the index sponsor (the “Index Sponsor”) without regard to the Issuer or the Product or purchasers of the Product. Additionally, Security Benefit as Issuer of the Product may for itself execute transaction(s) with Barclays in or relating to the Index in connection with the Product. Purchasers acquire the Product from Security Benefit and purchasers neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with Barclays upon purchasing the Product. The Product is not sponsored, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the Advisability of the Product or use of the Index or any data included therein. Barclays shall not be liable in any way to the Issuer, purchasers or to other third parties in respect of the use or accuracy of the Index or any data included therein.

The Avantis U.S. Quality Large Cap Index and the proprietary data related thereto (the “Avantis Index”) are the property of American Century Investment Management, Inc. (“American Century”) and are used under license by Barclays Bank PLC. Neither American Century nor any of its affiliates makes any representation, warranty or assurance, express or implied regarding the Avantis Index, the Advisability of purchasing securities generally or the ClearLine Fixed Index Annuity particularly or the ability of the Avantis Index to track general market performance or provide positive investment returns. Neither American Century nor its affiliates are under any obligation or liability in connection with the ClearLine Fixed Index Annuity. Inclusion of a security within the Avantis Index is not a recommendation by American Century or its affiliates to buy, sell, or hold such security, nor is it considered to be investment advice. American Century does not guarantee the accuracy and/or the completeness of the Avantis Index and American Century is not and shall not be subject to any damages or liability, direct or indirect, consequential or punitive for any errors, omissions, or delays in or related to the Index.