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Life Health > Life Insurance

MONY Changes VA Riders

By Staff Writer

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NU Online News Service, June 2, 2003, 3:38 p.m. EDT – MONY Life Insurance Company of America, New York, has changed the riders available with its MONY L Variable Annuity and MONY C Variable Annuity contracts.

A guaranteed minimum income benefit rider provides guaranteed minimum income stream based on “the sum of all net contributions accumulated at an annual rate of 5%, up to a maximum of 300% of all contributions.”

A second rider, a step-up death benefit rider, freezes the highest previous contract anniversary value as the death benefit.

A roll-up death benefit rider provides a death benefit based on “the sum of all net contributions accumulated at an annual rate of 5%, up to a maximum of 300% of all contributions.”

A fourth rider, an earnings increase death benefit rider, pays an additional death benefit based on the earnings in the contract, to help beneficiaries with estate taxes and other expenses.

MONY Life is a unit of The MONY Group Inc., New York.

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