Two insurers have introduced new income planning options for annuity purchasers.

Old Mutual Financial Network, Atlanta, a unit of Old Mutual P.L.C., London, says its OM Financial Life Insurance Company unit has introduced the OM Income Advantage rider for purchasers of new OM Financial Life fixed annuity products.

The rider can provide up to 2 10-year accumulation periods.

The rider now offers a basic 4% or a 6% roll-up, the ability to re-start a roll-up period, and the ability to stop and start income payments time during the withdrawal period, Old Mutual says.

In the case of a single annuitant, a legal spouse may assume the benefits of the policy upon the owner’s death, the company says.

OM Financial Life is responsible for backing the rider guarantees.

Another carrier, Protective Life Insurance Company, a unit of Protective Life Corp., Birmingham, Ala., has added options for purchasers of the SecurePay Withdrawal Benefit guaranteed withdrawal benefit for its variable annuities.

Customers now can choose between the original benefit or a new version that comes with a roll-up feature, Protective Life says.

The original version offers lifetime annual withdrawal benefits of up to 6% and an annual benefit base step-up provision, Protective Life says.

The new version, with the roll-up options, makes it possible to double the initial benefit base after 10 years, the company says.

The compounding roll-up increases the benefit base by 7.2% each contract anniversary, adjusted for withdrawals, during a 10-year roll-up period, Protective Life says.

Protective Life also has added a guaranteed minimum accumulation benefit feature, which ensures that 10 years after the purchase of the benefit, the annuity value will be no less than the total of the purchase payments made during the first year of the contract (adjusted for withdrawals), even if the stock market is down, the company says.

Protective Life also is offering a step-up option 5 years after the benefit is purchased.

The GMAB option is available only with the SecurePay or SecurePay with Roll-Up riders.

Protective Life is selling the options with the ProtectiveAccess XL and ProtectiveRewards B2A variable annuity contracts.

Protective Life Insurance Company is responsible for backing the product guarantees.