A large insurer is joining the competition to provide annuity benefits guarantees designed for married couples.
Guardian Insurance & Annuity Company Inc., a unit of Guardian Life Insurance Company of America, New York, has introduced the Spousal AssetAccess and Lifetime AssetAccess guaranteed minimum withdrawal benefits riders.
The Lifetime version can help guarantee individuals who follow rider rules the ability to receive a lifetime stream of withdrawals.
The Spousal version can guarantee a withdrawal stream for a couple that will last as long as the husband or wife is alive, according to Guardian.