Wanting to meet the demands of consumers looking toward retirement, Security Benefit Life Insurance Co. has added a guaranteed lifetime withdrawal benefit to its SecureDesigns Variable Annuity. The rider, according to the company, offers policyholders a lifetime income stream that won’t decrease due to market performance and will increase based on market gains.
Clients who purchase the annuity and the rider are not forced into any allocation models, and they are not excluded from sub-account options. In addition, the rider includes an annual step-up provision and the ability to choose a joint lifetime payout without having to annuitize.
Policyholders who prefer managed allocation options have their choice to maintain one of six portfolio models, which are managed by Morningstar.
For more information, visit www.securitybenefit.com.