The advisor resources arm of Monumental Life Insurance Company has rolled out the Architect variable annuity rider.
The Architect rider option offers a guaranteed lifetime withdrawal benefit, according to Monumental, Cedar Rapids, Iowa, a subsidiary of AEGON N.V., The Hague, Netherlands.
Monumental will be selling the rider with the Advisor’s Edge Variable Annuity contract.
The contract is designed for sale through registered investment advisors. Purchasers pay no up-front sales charges.
Clients can use the rider to protect VA contracts with a maximum of 50%, 60% or 70% of assets allocated to stock funds.
Within limits, clients can use the rider together with a wide variety of brand-name funds, such as Vanguard funds, Monumental says.
Monumental issues the Advisor’s Edge annuities through Monumental Life Insurance Company in most of the United States.
The company issues a New York state version of the product, the Advisor’s Edge NY Variable Annuity contract, through Transamerica Financial Life Insurance Company, Purchase, N.Y.
Monumental is responsible for backing the guarantees on the annuities and riders it writes, and Transamerica Financial is responsible for backing the guarantees on the annuities and riders it writes.
Architect rider fees range from 0.3% to 1% of the assets protected, depending on the options chosen, Monumental says.