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What is a Guaranteed Minimum Income Benefit?

Variable annuities come with a host of optional features that you can select for an additional annual fee. One common and very popular type of variable annuity feature is the guaranteed minimum income benefit, also known as a GMIB. The GMIB is exactly what the name implies — a guaranteed minimum level of annuity payments by the insurance company, regardless of the performance of your annuity.

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ANNUITY FYI’S TOP GMIB RIDERS

Company Product Name
metLife_logo GMIB Max: Guaranteed Minimum Income Benefit Rider
axa-life-insurance GMIB: Guaranteed Minimum Income Benefit Rider (Accumulator Series)
axa-life-insurance GIB: Guaranteed Income Benefit Rider (Retirement Cornerstone Series)
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ADVISOR INSIGHT

“A Guaranteed Minimum Income Benefit (GMIB) is an optional rider which can be added to a fixed indexed or variable annuity for a cost, usually about 1.00% per year paid in the form of reduced performance. With a GMIB added to your annuity, you have the ability to annuitize your GMIB value later in life should the underlying performance of the policy not be enough to provide for your retirement income needs. In short it guarantees lifetime income in case your selected funds underperform or even lose all value. It’s an income benefit that you absolutely cannot outlive as it’s guaranteed for life.”

Josh Tschirgi, Financial Advisor

Annuity FYI Expert

ARTICLES & GUIDES

Criteria for Evaluating GMIB Annuities

 

Criteria for Evaluating GMIB Annuities

 

When evaluating the numerous guaranteed minimum income benefit GMIB annuity products on the market…

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