The definition of growing old in America continues to change. People are now living longer and are better educated – resulting in better health, higher income, and a higher standard of living in retirement. Today, Baby Boomers who are healthy and now in their 60s will likely live 30-to-35 years in retirement, a major improvement from the previous generation. Living longer means a longer retirement, which consequently means you will need additional money to continue your lifestyle. This is where our Guaranteed Lifetime Income Riders come into play.
The Guaranteed Lifetime Income Rider is an optional benefit that may be added to your annuity policy at issue for a nominal annual fee. The Guaranteed Lifetime Income Rider can provide the annuitant with a Guaranteed Withdrawal Payment from his or her annuity that will last a lifetime…income that cannot be outlived! Through the use of the rider’s formula, we determine the Guaranteed Withdrawal Payment from the annuity when the policy owner decides to elect the guaranteed income benefit. The rider provides a guaranteed stream of income from the annuity for life, even if the policy’s accumulation value reaches $0. The guaranteed lifetime income payments will continue until the death of the annuity owner. If the owner dies before the policy’s accumulation value is depleted, there are two options: The spouse can continue to receive the Guaranteed Withdrawal Payments until the policy’s accumulation value is depleted. The spouse or beneficiary can receive any remaining accumulation value in a lump sum or in a series of payments.
We’re excited to be offer these exceptional Guaranteed Lifetime Income Policies to our clients. However, we know these concepts can be difficult to fully understand. Feel free to contact us with any questions or concerns that you may have, we’d be more than happy to help.