Annuity purchasers are apprehensive about a couple of things: outliving their money and/or losing control of their assets. Old Mutual Financial Network saw the problem and has designed an optional rider to put consumers’ minds at ease.
OM Income Advantage is a flexible optional living benefit designed to provide guaranteed lifetime income and requires no annuitization to do it. It is available on new annuity products from Old Mutual and offers purchasers up to two 10-year accumulation periods, with a basic 4 percent roll-up or an enhanced 6 percent roll-up. The rider also gives consumers the ability to re-start a roll-up period and provides the capacity to stop and start income payments at any time during the withdrawal period.