Oct 24, 2018
Introducing a New Financial Product to Reward Smart Spending Habits with Incredible Cash-Back
Group1001 has unveiled today Relay®, a revolutionary financial product that rewards goal-oriented consumers with incredible cash-back on everyday expenses. Relay’s bold new insurtech offering couples an immediate annuity, issued by Guggenheim Life and Annuity Company, with a prepaid debit card offering cash-back rewards, and eliminates restrictions typical in these categories.
“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,” said Andres Barragan, Chief Experience Officer of Group1001. “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.”
Relay® offers planning-oriented reward seekers the opportunity to earn generous cash-back (on money that otherwise may sit in a low-yield account) by making purchases with the annuity payouts loaded to a prepaid debit card. In contrast to many rewards programs, Relay’s cash-back rewards have no category or merchant restrictions, blackout dates or annual fees. And unlike most annuities, Relay® can be purchased and managed entirely online and there are no contract fees or surrender penalties. Relay® provides a monthly cash flow stream over a predefined term and cash-back rewards of 3% to 13% each year, depending on the length of the plan chosen.
“We are thrilled to introduce Relay®,” said Dan Towriss, CEO of GROUP1001.
“This new product exemplifies our commitment to providing technology-led innovation and the finest services to a wider set of customers. We believe in financial empowerment and are pleased to offer our customers a revolutionary way to simplify and manage a household budget, and also get rewarded.”
Award-winning personal finance expert, Dominique Broadway of Finances De∙mys∙ti∙fied, endorsed Relay® and said, “After learning about Relay®, I couldn’t believe this product hasn’t been developed before. It’s a no-brainer that helps people make money off of their everyday expenses. Credit cards have fees. Annuities are stable but sometimes can be restrictive. It’s so smart to combine the power and everyday value of cash-back with a financial product with reliable returns, through a service experience attuned to today’s digital world.”
Relay® is now available in Illinois, Indiana, Massachusetts, and New Jersey, with service expanding to Florida and Texas on November 1st, 2018. Relay® will also be available in California in the next few weeks, with additional state expansion planned for the coming months. To learn more, please visit RELAYREWARDS.COM.
About Group 1001
Group One Thousand One, LLC (“Group1001”) is an insurance holding company in the United States, with current combined assets under management of approximately $37 billion as of December 31, 2017, and on a mission to make insurance and retirement products more useful, intuitive, and accessible so everyone can get the most value from their money.
For more information about Group1001, please visit GROUP1001.COM.
Emily Weber – EMILY.WEBER@FLEISHMAN.COM
The Relay® Planned Spend Account is an immediate annuity, form number GLA-SPIA-RL-01, or a variation of such, issued by Guggenheim Life and Annuity Company (d/b/a Guggenheim Life and Annuity Company in California; NAIC # 83607) (“Guggenheim Life”), a Delaware-domiciled company. Relay® and/or certain features may not be available in all states. Guggenheim Life is currently authorized to do business in 49 states (all states except New York), the District of Columbia and Puerto Rico.
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