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.

SunAmerica is responsible for backing the product guarantees.

Rider purchasers must buy the rider when the underlying variable annuity is issued.

The annual cost of the rider is 0.4% of the benefit base before a couple begins taking withdrawals and 0.8% of the benefit base after the first withdrawal is taken.

The contract must be purchased with the spouse as joint owner or the spouse must be designated as the sole, primary beneficiary, SunAmerica says.

Age requirements are different for customers who will be using the rider in qualified retirement plans.

“In the event of a death, divorce, change of ownership or change of spousal beneficiary or spousal joint owner, MarketLock For Two will provide guaranteed income for the lifetime of the remaining spouse only,” SunAmerica says. “However, the fee for MarketLock For Two will continue to be charged.”