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Annuity GLWB Features Understood


Many consumers ask what guaranteed lifetime withdrawal benefit features are the best to have.  The article “Which GLWB Is ‘Best?'” by Jack Marrion of National Underwriter seeks to answer this question.  The purpose of the GLWB is twofold: erasing the fear of running out of money in the future and giving control of the product to you.  No matter which GLWB one chooses, the benefits are the same.  Annuity owners will receive a percentage of the annuity value over their lifetime even if the actual cash value has been depleted.  The owner also has the option to change the payment or cash in all or part of the annuity because of the control they retain.

So which type of GLWB is actually the best?  Basically it depends on the details and goals of the individual consumer.  Guaranteed lifetime withdrawal benefits that contain the highest payout factor or the largest bonus appear to be the best option for owners who need to receive the money immediately or in the very near future.  But if the owner has over ten years before they need to collect and they desire more certainty, they should look to focus on a strong income growth factor.  An expert can help you look into all of the GLWB features and see what is best for your future.

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