GMIB

AcronymDefinition
GMIBGuaranteed Minimum Income Benefit (Insurance)
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References in periodicals archive ?
Additionally, if you have a client who is invested in an annuity with a GMIB, we'll examine their choices (i.e.; stay in or get out), factoring in all applicable taxes.
In the case of both GMIBs and GMWBs, many annuity companies will restrict the subaccount investments available in such contracts when these riders are selected.
In transferring the assets to MetLife with its new GMIB Max rider, Nabors' client began taking 6% annualized distributions for life, as the contract allowed.
He said that for clients who are forced to annuitize at age 70/2, the GMIB isn't as valuable since the guarantee could be surpassed by the amount of withdrawal required.
Other balances associated with the replaced contract, such as any liability for minimum guaranteed death benefits (MGDBs) or guaranteed minimum income benefits (GMIBs), should be accounted for in a similar manner, that is, as if the replacement contract is a continuation of the replaced contract.
* Guaranteed - e.g., deferred fixed annuities, guaranteed minimum income benefit (GMIB) and guaranteed minimum withdrawal benefit (GMWB).
Variable Annuities, GMIB Annuities, Indexed Annuities ...
But if the same client were to pay an additional fee in 2001 for a GMIB rider offering a guaranteed 6% payout, compounded annually, then the accumulated value will be significantly greater.
For example, MetLife offers its RMD-friendly guaranteed minimum income benefit, GMIB Plus III, with some of its variable annuities purchased with qualified money.
MetLife has launched Guaranteed Minimum Income Benefit Max (GMIB Max) and Enhanced Death Benefit Max (EDB Max) variable annuity riders with Protected Growth Strategies.
While the company also has some risky exposure regarding its VADBe and GMIB businesses, it seems to have them well under control at this point.
Both the GMIB and GMDB are subject to additional charges and certain conditions.