Lincoln Benefit Life has announced the addition of a lifetime income benefit for 2 of its annuity lines.
The company, an affiliate of the Allstate Corp., Northbrook, Ill., says its Savers Index Annuity Plus and Saver’s Index Annuity Premier products now offer the benefit, which provides customers an annual payment for their lifetime, even if the account value falls to zero.
An optional enhanced lifetime income feature, providing higher percentage payments, is available for an additional annual fee, Lincoln says, along with joint life coverage.
Under either option, the longer an owner waits to take the first withdrawal, the larger the income benefit payment may be. The withdrawal amount is calculated based on the age of the owner and the length of time the contract has been in force, Lincoln Benefit explains. Once the first withdrawal is taken, the minimum amount is locked in for future payments.