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Some, like those with guaranteed minimum accumulation benefits guarantee that the account value will not be lower than the amount invested at some future time.
Various combinations of four types of GLBs are generally offered in the VA marketplace: Guaranteed Minimum Income Benefits (GMIB), Guaranteed Minimum Withdrawal Benefits (GMWB), Guaranteed Lifetime Withdrawal Benefits (GLWB) and Guaranteed Minimum Accumulation Benefits (GMAB).
Guaranteed minimum accumulation benefit is an equity risk," Raiford said.
2% compounding annual roll-up benefit), RightTime(SM) (an option to buy the rider at issue or at a later date), SecurePay ME([R]) (an option that may result in higher annual withdrawal amounts for clients with qualifying medical conditions), SecurePay NH(SM) (a feature which can provide increased annual withdrawal amounts for qualifying clients who are confined to a nursing care facility) and a Guaranteed Minimum Accumulation Benefit (which offers clients an additional safety net in the form of a "return of purchase payments" guarantee).
This January, the company took a major step toward making prospective buyers less afraid by introducing a guaranteed minimum accumulation benefit on cash values.
Guaranteed minimum accumulation benefit addresses consumer fear of losing money COLUMBUS, Ohio, Jan.
NYSE: PNX) today announced enhancements to its top-selling Phoenix Flexible Withdrawal Protector(SM) guaranteed minimum withdrawal benefit (GMWB) rider and the launch of a new combination benefit rider, Phoenix Retirement Protector(SM), which offers a GMWB, a guaranteed minimum accumulation benefit (GMAB), and an optional guaranteed minimum death benefit (GMDB).
Thrivent Financial for Lutherans' new variable annuity offers a nonrolling surrender period, an optional guaranteed minimum accumulation benefit (GMAB), and three optional enhanced death benefits.