Phoenix Companies Inc. and ING USA Annuity and Life Insurance Company are expanding their menus of retirement income options.[@@]
Both companies have introduced new guaranteed minimum withdrawal benefit options.
Phoenix, Hartford, has introduced the Phoenix Lifetime GMWB rider, a rider that offers guaranteed access to minimum withdrawals for life.
Phoenix also has introduced the Phoenix Lifetime GMWB for 2 rider, a rider that extends the minimum withdrawal benefit to a surviving spouse.
Phoenix will sell the riders with most of its variable annuity contracts.
Phoenix notes that it also offers a traditional GMWB rider, a guaranteed minimum income benefit rider, and a guaranteed minimum accumulation benefit rider.
The new lifetime GMWB riders give clients the ability to start and stop withdrawals on their deferred variable annuities at any time, Phoenix says.
The annual guaranteed lifetime income is 5.25% of the initial premium, regardless of the investment performance of the annuity, with a minimum cumulative benefit of 105% of the initial premium, adjusted for excess withdrawals, Phoenix says.
When a client chooses the GMWB for 2 rider, the income stream will continue for the lifetime of the surviving spouse, Phoenix says.
