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June 02, 2010 at 08:00 PM
Guaranteed living benefit riders were elected 87% of the time on variable annuities offering the features during the first quarter, according to LIMRA.
The first-quarter rate is down slightly from the 89% annual election rate in 2009, say researchers at LIMRA, Windsor, Conn.
However, VA assets in products with guaranteed living benefits increased 7% in the first quarter when compared with end of 2009, while total VA assets increased just 3% in the same period, the researchers write in a new annuity study.
Other first-quarter findings:
- The election rate held steady for one type of guaranteed living benefit rider — the guaranteed lifetime withdrawal benefit rider. When any type of guaranteed living benefit was available for purchase, the election rate for this rider remained at 64%, the researchers say.
- Guaranteed minimum income benefit riders were elected 16% of the time.
