Retirement savings advisory firm Security Benefit Life Insurance Co. (SBL) of Topeka, Kansas recently unveiled its RateTrack Plus, a floating rate annuity with benefits engineered to buffer clients in a variable interest rate market.

By including an interest-bearing feature that ensures lifetime income alongside a 4 percent bonus on the purchase payment, SBL is able to combine a fixed-interest rate with a floating rate — specifically, the three-month ICE LIBOR USD rate, which traditionally has mirrored the Federal Funds rate, according to the firm.

The combination empowers beneficiaries to profit from increasing interest rates for their retirement yield.

“For more than 125 years, Security Benefit’s business has been built on providing innovative solutions that meet clients’ needs,” SBL President Doug Wolff. “For financial representatives and their clients who believe interest rates will increase over the next several years, and who also want the security of guaranteed lifetime income, RateTrack Plus is an attractive option.”

The new offering follows in the footsteps of SBL’s earlier product, RateTrack Annuity, launched two years ago in March 2016.

The first version sold over $1 billion in one year, according to information provided by Beacon Research. RateTrack Plus capitalizes on RateTrack’s methodology by increasing the benefit roll-up according to interest rate hikes.