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May 24, 2007 at 01:03 PM
An annuity manufacturer has come up with a variable annuity living benefit option designed for sale through banks and independent broker-dealers.
Ameriprise Financial Inc., Minneapolis, says its RiverSource annuity business has started selling the SecureSource guaranteed lifetime withdrawal benefit through banks and broker-dealers.
The rider protects a purchaser’s principal, and it gives purchasers the ability to elect lifetime income by withdrawing any amount up to 6% for life starting at age 68 in New York and at age 65 in other states.
Purchasers also can withdraw up to 7% for 14 years.
Investors can start, stop or change their withdrawal amounts at any time, Ameriprise says.
