Annuity FYI Blog

A new variable annuity rider from Securian helps to give retirees the income protection and growth that they’re looking for, according to a company press release.  Whether making a 401k annuity transfer or purchasing a variable annuity before retirement age, adding the Ovation Lifetime Income rider from Securian gives investors a great growth potential.  This rider can be added to their MultiOption variable annuity for an added fee and can give retirement income for decades.

There are four ways to grow your guaranteed income with the Ovation Lifetime Income rider.  It’s even possible to grow your income when markets are down.

• Every year the benefit base will be reset to lock in any gains since the last contract anniversary date.
• For up to ten years, you will get a 6% growth on your benefit base each year that you don’t take a withdrawal, unless of course your reset would be higher.
• If you’ve gone ten years without a withdrawal, the benefit base increases to 200% of the original benefit base plus any other purchases you made in the first year.  You also get 100% of any purchases made after the first year.
• Your guaranteed income is based on the age at which you add the benefit.  You can get up to 6.5% the older you are, or 4.5% if you are younger.

You have the option of adding a spouse on to receive joint benefits with the Ovation Lifetime Income variable annuity rider as well.  Securian boasts that not only do investors get guaranteed retirement income for life, they have a lot of potential for growth over the years.

Written by Rachel Summit

According to The Retirement Reporter, Securian Financial Group has begun to offer its inagural single premium immediate annuity (SPIA). The product is called IncomeToday! After paying an initial $25,000 premium, IncomeToday! provides continuous fixed payments, either for life or a defined period of time. This SPIA is available from Securian’s Minnesota Life subsidiary for individuals 90 years old or under.

Immediate annuities are pension-like plans that provide greater security than other annuities and may be suitable for retirement, especially for those individuals whose employers no longer provide fixed pensions that guarantee income for life. Securian’s Director of Annuity Marketing, Kerry Geurkink, states that SPIAs could be even more beneficial for women, due to their longer life expectancies. These annuities also stretch tax liabilities over a longer time frame (allowing you to pay less per year).

In the past, Securian has offered a single premium immediate variable annuity (SPIVA).