Guardian Updates GMWB Rider

Changes include an increase in the minimum to “guaranteed withdrawal balance” to 6%, from 5%, for rider owners who do not take withdrawals during a contract year; availability of the withdrawal amount at age 60, rather than age 65, in the rider version aimed at a single covered life, and at age 62, rather than 65, in the version aimed at married couples; an increase in the maximum benefit provided by the GMWB minimum guarantee roll-up to 200% of the total premiums paid before the first withdrawal, from 175%.

The annual cost of Lifetime Focus rider is 0.65% (maximum 1.25%) for the single version, and 0.85% (maximum 1.25%) for the spousal version, of the adjusted guaranteed withdrawal balance, Guardian says.