A large insurer is releasing a new version of an asset-protection rider.

Lincoln National Corp., Philadelphia, says it is rolling out an improved version of its Lincoln SmartSecurity Advantage variable annuity rider.

The rider offers purchasers a choice between a 1-year or 5-year “step-up” based on market growth for that time period. For purchasers who meet the contract terms, the rider can protect purchasers from losing principal, Lincoln says.

The new version of the rider also lets investors guarantee access to lifetime withdrawals with spousal coverage, Lincoln says.

Lincoln variable annuity purchasers bought the older version of the rider with more than 50% of new Lincoln VA contracts during the first half of the year, the company says.

Lincoln is responsible for backing the rider guarantees.