An insurer has introduced a product that can help married couples protect the retirement income of both spouses.
SunAmerica Retirement Markets Inc., Los Angeles, a unit of American International Group Inc., New York, is rolling out the MarketLock For Two variable annuity rider.
The rider, available with SunAmerica’s Polaris and Seasons contracts, is a new, 2-person version of the company’s MarketLock rider.
The rider provides a guaranteed minimum withdrawal benefit.
To be eligible for the rider, the younger spouse in a couple must be between the ages of 55 and 75.
Couples who begin taking income from an annuity after the 63rd birthday of the younger spouse can get up to 5% of their benefit base per year for life. If a couple waits until the 75th birthday of the younger spouse to begin taking income out, the couple can get up to 6% of the benefit base per year for life.
The issuer of the rider will lock in any investment gains accumulated after 10 years automatically.