After trending up for some time, it may come as a surprise to find guaranteed living benefits actually fell slightly in the first quarter. Don't be fooled, though – election rates fell one percentage point and are still high, according to a report released Tuesday by LIMRA. GLB election rates fell to 86% in the first quarter from 87% in the fourth quarter of 2010.
Lifetime withdrawal benefits fell to 63% in the first quarter, while guaranteed minimum income benefits increased to 17%. Election rates for other guaranteed benefits such as minimum accumulation and withdrawal benefits, and hybrid GLBs were unchanged.