Group1001 Launches Relay

Insurance holding company Group1001 has unveiled Relay, a brand new way to earn anywhere from 3-13% cash back each year.

Relay is an annuity product for “planning-oriented reward seekers” that allows policyholders to make purchases with the annuity payouts loaded to a prepaid debit card. The product can be purchased and managed entirely online and there are no contract fees or surrender penalties. Coverage is issued by Guggenheim Life, and is available in Illinois, Indiana, Massachusetts, and New Jersey, with service expanding to Florida and Texas on November 1, 2018. Relay will also be available in California in the next few weeks, with additional state expansion planned for the coming months.

“Relay was born out of a consumer need to make every dollar count and the ensuing frustration with the yields offered by traditional savings products and the restrictions typical to cash-back programs. Relay delivers on that need with a completely fresh take on annuities that celebrates and rewards smart planning and spending habits. Relay offers the opportunity to earn high cash-back where consumers may not be currently earning any rewards, so it’s really the new way to put your cash to work.” – Group 1001 CEO, Andres Barragan.

Bottom Line: Haven Life’s color scheme comes to mind.