First Allmerica provides life insurance and annuity products, as well as financial advisory services under the name of Commonwealth Annuity and Life Insurance, as of 2015. Available products range from variable annuities to single-premium fixed annuities, according to the company website.
Commonwealth Annuity tailors variable annuity products to the needs of retirement investors, allowing retirees to choose investment and payout options that best suit their financial needs, according to Commonwealth Annuity. The available options for variable annuities include the Advantage IV, Horizon and Preferred Plus plans.
The Advantage IV plan lets investors choose between 60 investment options. The plan also includes a fixed account that guarantees a return and a death benefit plan. Commonwealth Annuity recommends this option for those 79 and older who are seeking a tax-sheltered annuity, according to the company website.
The Horizon plan includes fewer features for a simple approach to retirement investing. This plan offers tax-deferred investments and lifetime payout options to those as young as 55. Commonwealth Annuity suggests this plan to those seeking a cost-efficient, long-term option for their retirement investments.
Like the Advantage IV plan, the Preferred Plus plan also offers 60 investment options, a fixed account with a guaranteed return and a death benefit option for beneficiaries. The plans differ in that the Preferred Plus plan offers a 4 percent bonus for every purchase payment the investor makes, states Commonwealth Annuity.