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Figure 6 shows the effective mortality cross-subsidy, or the bonus that people annuitizing and surviving for each year, can receive as a percentage of the fund that arises at each age for a typical male life annuitizing today at age 65.
Little has been done to examine the utility implications of annuitizing in an environment of heterogeneous mortalit y.
Clients can get a lifetime income using the annuity value by annuitizing any time after the end of the fifth contract year,
Lifetime GMWB" and "Lifetime GMWB for 2" give the client control to start and stop withdrawals on their deferred variable annuity at any time, while providing downside protection through a guaranteed lifetime income stream without annuitizing the contract value.
If the Guaranteed Principal Option is not elected, the new GMIB rider is exercisable by annuitizing the contract (at the contract's GMIB Table Rates) on or within 30 days of the 10th or later contract anniversary (or 10th or later anniversary after the last "step-up"), but no later than the contract anniversary right before the owner turns 86 years old.
And, if the contract owner dies prior to annuitizing the contract, the value of the contract will pass directly to beneficiaries, avoiding probate(8).