Lifetime withdrawal benefit debuts

In a nod to Americans who want a guaranteed stream of income during retirement, John Hancock Annuities has introduced an optional lifetime withdrawal benefit rider, Income Plus for Life, to its Venture Variable Annuity contracts.

Annual income is pegged at 5 percent of the initial purchase payment and can begin as early as age 591/2. Withdrawal amounts increase for contract holders willing to wait more than a year to withdraw. Clients who wait at least 10 years or until age 70, whichever is later, can see their annual income double.