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GMWB |
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A good example is the Guaranteed Minimum Withdrawal Benefit on variable annuities, which currently provides lifetime withdrawals that can increase and are guaranteed to never run out, all without having to turn over assets to the insurance company. a Guaranteed Minimum Withdrawal Benefit (GMWB) -- Provides a guarantee of a minimum withdrawal payment for life with growth potential to increase future payments, while the annuity holder maintains some access to their account value and the potential to leave some bequest if they die "prematurely. ING Fixed Annuities has introduced the IncomeProtector Withdrawal Benefit, a rider that provides a guaranteed minimum withdrawal benefit for life. |
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