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Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
July 22, 2002 at 08:00 PM
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.
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