Nationwide Financial Services Inc. is updating its variable annuity line by increasing client payouts under its lifetime income rider for VA contracts and rolling out a new B-share product.
The living benefit rider now guarantees a payout of 5.25% for ages 65 to 80, up from 5%, and 6.25% for ages 81 and over, up from 6%, according to Nationwide, Columbus, Ohio.
The increases reflect recovering financial markets, Nationwide says.
The rider is available for an additional cost on new VA contracts with some age restrictions, the company says.