Living benefits are preferred.For a second year, a study by the Diversified Services Group has found that guaranteed living-benefit options have overshadowed immediate variable annuities Variable annuities Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. as retirement-income solutions of choice. Most executives interviewed in the Wayne, Pa., firm's sixth annual study of retirement income products expressed "growing enthusiasm" for the options, "and there is a robust pipeline of GLB (Gramm-Leach-Bliley Act) Enacted in 1999 and effective in mid 2001, the GLB stipulates that every financial institution shall protect the security and confidentiality of its customers' confidential personal information. product on the drawing boards at numerous companies," said James R. Sholder, a principal and leader of the study. The focus on variable annuities with guaranteed minimum withdrawal benefits "makes perfect sense" given baby boomer baby boomer also ba·by-boom·er n. A member of a baby-boom generation. Noun 1. baby boomer - a member of the baby boom generation in the 1950s; "they expanded the schools for a generation of baby boomers" boomer needs as they near retirement, Sholder said. Some 63% of companies surveyed offer at least one product with living-benefit features, while only 49% offer a variable payout pay·out n. 1. The act or an instance of paying out. 2. A percentage of corporate earnings that is paid as dividends to shareholders. annuity product. Executives said living-benefit riders caused dramatic increases in the VA sales during the latest year. Companies Announce New Products Recently announced new living-benefit products: Axa Equitable (January) ING (November) New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Life (October) Sun Life (November) |
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