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March 03, 2008 at 11:39 AM
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.
