NU Online News Service, July 22, 2:01 p.m. – The Guardian Insurance & Annuity Company Inc., a unit of The Guardian Life Insurance Company of America, New York, has introduced a new annuity, The Guardian Investor Income Access variable annuity.

One feature, a variable annuitization payout option, guarantees that annuity holders will receive a stream of income payments until age 100.

Guardian will pay a trail commission to financial advisors who sell that option, the company says.

The annuity also offers relatively loose restrictions on holders who cash out early. The surrender charge starts at 4%, but it drops to 0% after four years, Guardian says.

The total annual contract expense, which includes the mortality and expense fee and administrative fee, is 1.75% for the first seven contract years then declines to 1.2% starting in the eighth contract year.

Guardian’s Guardian Investor Services L.L.C. unit will be the distributor.