Lincoln Financial Group.Life insurers continue development of variable annuity Variable Annuity An insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio. retirement income. In May, Lincoln Financial Group announced 4Later Advantage, a potential enhancer of future income when coupled with its patented optional Income4Life feature on its variable annuities Variable annuities Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. . The new benefit guarantees a 15% increase in an investor's income base with an automatic reset every three years. The income base, if greater than account value, determines owners' guaranteed minimum income Guaranteed minimum income is a proposed system of income redistribution that would provide eligible citizens with a certain sum of money (independent of whether they work or not), also known as "Basic Income Guarantee (BIG)", "universal basic income", "citizen's income scheme", when they are ready to begin receiving payments. Annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. owners retain access to their account values, control of their investments, and a death benefit. |
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