With support from Bain Capital Insurance, Federal Life will promote this private placement variable annuity to a network of Independent Investment Advisors, whose clients seek alternative investment opportunities and exposure to digital currencies in a tax efficient manner
RIVERWOODS, Ill., Oct. 06, 2021 (GLOBE NEWSWIRE) — Federal Life Insurance Company (“the Company”), an Illinois-domestic carrier with a history dating back to 1899, today announced a first of its kind private placement variable annuity (PPVA) which provides broad exposure to Bitcoin and Ether. The Company has formed an Insurance Dedicated Fund (IDF) to support the PPVA which will allow investment advisors on behalf of their clients, to allocate a portion of their variable annuity contract to a portfolio made up substantially of Bitcoin, Ether and other crypto assets. This private placement product is available to accredited investors and will provide advisors with a one-of-a-kind resource to offer clients who are looking for alternative ways to gain exposure to the evolving digital currency space.
“In today’s environment, where the digital currency market cap has exceeded $2 trillion, there is no denying that investors are looking to evolve and gain exposure to this dynamic asset class. We have merged the appetite for digital currency with a familiar and proven product in the tax-efficient variable annuity. With an estimated 13.6 million accredited investor households in the U.S., many of whom are already attentive to the digital currency space, we can aid the advisor market in delivering a unique solution to fit their clients’ needs,” said Bill Austin, CEO of Federal Life Insurance Company.
The Company has partnered with digital currency leaders Gemini and Onramp to hold and trade coins, as well as WisdomTree to provide investment allocation design to our IDF. “Our goal for Onramp was to be exactly that, an easy way for legacy institutions to onboard and experience the utility of cryptoassets. We expected that our model portfolios with Wisdom Tree would provide easy access for traditional asset managers and this accomplishment is exemplary of that. As such a young company we are humbled to play a small part in Federal Life breaking ground with this landmark annuity offering,” said Tyronne Ross, CEO Onramp Invest.
Will Peck, WisdomTree Head of Digital Assets, said, “WisdomTree has been excited to collaborate with Onramp to provide model portfolios that combine traditional assets like stocks and bonds with crypto assets like bitcoin and ether as educational building blocks for advisors and institutions. WisdomTree’s customized model portfolios for Federal Life showcases that crypto assets are finding reach beyond the original early adopters and slowly gravitating towards institutional investors and advisors. We congratulate Federal Life on being an innovator in the insurance and variable annuity channel for these crypto exposures by leveraging WisdomTree model portfolios.”
Federal Life Insurance Company intends to launch its private placement variable annuity nationwide during the 4th Quarter of 2021, partnering with a broad range of advisor firms to deliver a solution to the vast market of consumers who are looking for alternative investment and retirement solutions.
“We are excited and proud, for a company with a legacy dating back over 120 years, to be on the cutting edge of where insurance and digital currency meet and we look forward to committing long-term to our advisor partners and our clients, as we continue to evolve and deliver innovative products,” said Austin.
About Federal Life Group, Inc.
Federal Life Group, Inc. (OTCMKTS: FLFG) is the parent of Federal Life Insurance Company (FLIC), a provider of quality life insurance and annuity products, incorporated in 1899. FLIC is headquartered in Riverwoods, Illinois, a suburb approximately thirty miles north of Chicago. FLIC is proud of its longstanding tradition of financial strength and stability.
About WisdomTree
WisdomTree Investments, Inc., through its subsidiaries in the U.S. and Europe (collectively, “WisdomTree”), is an ETF and ETP sponsor and asset manager headquartered in New York. WisdomTree offers products covering equity, commodity, fixed income, leveraged and inverse, currency, cryptocurrency and alternative strategies.
WisdomTree® is the marketing name for WisdomTree Investments, Inc. and its subsidiaries worldwide.
About Onramp Invest
Onramp Invest is an iPaaS (integration platform as a service) technology company providing access to cryptoassets for registered investment advisors. Our comprehensive cryptoasset management solution will enable advisors to help their clients safely, confidently, and intelligently invest in the new age all within their existing workflows and billing models.
DISCLAIMER
The model portfolio arrangements with WisdomTree referenced above are memorialized via separate licensing agreements with the named entities. The WisdomTree model portfolios are not personalized investment advice or an investment recommendation from WisdomTree and are intended for use only by a third-party financial advisor or institution, with other information, as an educational resource to help build a portfolio or as an input in the development of investment advice for their own clients. Such financial advisors and institutions are responsible for making their own independent judgment as to how to use WisdomTree model portfolio information. Model portfolio information should not be relied upon as investment advice, research, or a recommendation by WisdomTree regarding (i) the assets (e.g., ETF or crypto asset) included therein, (ii) the use or suitability of the model portfolios or (iii) any security or asset in particular. There are risks associated with investing, including the possible loss of principal. Crypto assets are complex, generally exhibit extreme price volatility and unpredictability, and should be viewed as highly speculative assets. Only an investor and their financial professional know enough about their circumstances to make an investment decision. WisdomTree does not have investment discretion over or place trade orders for any portfolios or accounts of advisors, institutions or investors derived from WisdomTree model portfolio information. WisdomTree makes no representations, warranties, endorsements or recommendations regarding the products or services of other entities, including those named herein.
This press release is directed to independent investment advisors and not to any potential purchasers of the private placement variable annuity. No offer for the sale of securities is made hereby. When made, offers will only be made to accredited investors. Additionally, offers will only be made or accepted following receipt by an offeree of the final private placement memorandum regarding the variable annuity. Securities will be distributed through FED Mutual Financial Services, Inc.
CONTACT: Contact: Anders Raaum, Investor Relations 847-850-3311
