The company also offers the Voya Lifetime Income Protection program, which is an in-plan, minimum guaranteed withdrawal benefits
program available for 401(k) participants of small and mid-sized employers.
Consumers can also find the 2014 Weiss Ratings' lists of Best Variable Annuities with Guaranteed Withdrawal Benefits
and Worst Variable Annuities at WeissRatings.
While only a few large companies dominate the business of providing guaranteed lifetime withdrawal benefits
or income benefits, other companies are reaching out to independent fee-based advisers with products that are viable in that distribution space.
In fact, a few years ago, when he saw the growing demand for guaranteed lifetime withdrawal benefits
(GLWBs), Lord renewed his securities license so he could sell variable annuities (VAs) with those add-ons.
The election rate on products that offer withdrawal benefits
increased to 56.
Six out of the seven new benefits released this quarter were lifetime withdrawal benefits
, with a typical lifetime withdrawal percentage for a 65-year old coming in at 5 percent.
Six percent compound benefit base enhancement, one of the highest in the industry among guaranteed minimum withdrawal benefits
available on B Class, non-group, open contracts as of 3/31/2012, according to Morningstar Annuity Research Center.
The results of the study underscored that FIAs with guaranteed lifetime withdrawal benefits
(GLWBs) combined with traditional portfolio drawdown strategies significantly increase the probability of providing lifetime income.
Before the crisis hit in 2008, many annuity writers were roiling out products with rich income and withdrawal benefits
that resulted in "significant levels of capital volatility:' said Thomas Rosendale, assistant vice president in the Life/Health division at A.
1) Guaranteed Lifetime Withdrawal Benefits
(GLWBs)--permit the owner to take annual withdrawals for life, even if the annuity's AV declines to zero.
Pang and Warshawsky (2009) compared different withdrawal strategies including systematic withdrawals from mutual funds, a fixed immediate life annuity, a variable immediate life annuity, a variable deferred annuity plus guaranteed minimum withdrawal benefits
, and a mix of mutual funds and a number of life annuities gradually purchased over time.
Jackson remains dedicated to providing customizable withdrawal benefits
that meet the needs of financial advisers and enable them to find the right solutions for their clients.