The domestic annuity unit of Prudential Financial Inc., Newark, N.J., has upgraded a variable annuity optional living benefit that guarantees a 5% income stream every year for life.
Prudential Annuities announced the enhancement to its benefit, known as the Highest Daily Lifetime Five, which it launched in November 2006.
HD Lifetime Five allows annuity owners to increase their annuities’ income potential every day the market is open–up to 250 times a year for the first 10 years or until the first withdrawal, whichever is earlier.