NU Online News Service, Oct. 5, 2004, 5:42 p.m. EDT
Jackson National Life Insurance Company, Lansing, Mich., has added the LifeGuard4 and LifeGuard5 guaranteed minimum withdrawal benefits to its variable annuity contracts.[@@]
The GMWB options give purchasers the ability to recover their entire principal in the form of systematic withdrawals over a number of years, even if the value of their contracts decrease, Jackson National says.
The options also allow investors to continue taking partial withdrawals as long as they live, as long as withdrawals do not exceed specified limits in any given year, Jackson National says.
If, after 5 years, the contract value is greater than a specified minimum “withdrawal balance,” investors can increase the minimum withdrawal balance to equal the current contract value, Jackson National says.