NU Online News Service, Oct. 18, 2004, 3:30 p.m. EDT
Lincoln National Life Insurance Company, Fort Wayne, Ind., is introducing a new type of guaranteed minimum withdrawal benefit.[@@]
The company’s Lincoln Smart Security Advantage option will give variable annuity holders help with locking in investment gains.
Lincoln National Life variable annuity holders already had a chance to buy an option that would let them increase the amount of withdrawals guaranteed every 5 years.
The new option lets annuity holders automatically increase the guaranteed amount every year, according to Lincoln National Life, a unit of Lincoln National Corp., Fort Wayne, Ind.
The feature “automatically steps-up the guaranteed amount on the anniversary date only if the account value is greater than the guaranteed amount,” the company says.