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June 01, 2005 at 08:00 PM
A large life insurer has rolled out a new version of a variable annuity feature that can protect VA investment earnings along with VA premium payments.[@@]
The insurer, Massachusetts Mutual Life Insurance Company, Springfield, Mass., says it will be offering an updated guaranteed minimum accumulation benefit feature designed for purchasers of the MassMutual Transitions Select variable annuity contract.
In most states, customers can choose a 10-year or a 20-year GMAB feature when they buy the annuity.
The 10-year feature lets investors purchase payments made during the first 2 contract years. Purchasers also can exercise a “reset” feature starting on the second contract anniversary. The reset feature can lock in any growth accumulated as of the reset date for another 10 years, MassMutual says.
