6 annuity guaranteed minimum living benefit riders
July 14, 2016 by Kristen Beckman
It has been nearly 20 years since the first guaranteed minimum living benefit (GMLB) riders were introduced on variable annuity contracts. Before that, principal protection was only offered in case of death.
Since then, different types of living benefit riders have been introduced, and these options have become popular on both variable and fixed index annuity products. The Insured Retirement Institute estimates about 74 percent of variable annuity sales in 2015 included guaranteed living withdrawal or guaranteed minimum income benefits.
IRI outlines six types guaranteed minimum living benefit riders in its 2016 IRI Fact Book. Are you versed in the definition and mechanics of each?
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